Questions on mobile home repo

[Stephenie Smith]

What is the name of your state? Arizona

Hello I live in Arizona and have a mobile home for sale. Things have changed here in the last few months (with the leanders and park managers) that is going to cause alot of problems for us people wanting to sell there homes.
You must have a credit score above 620 to even qualify for the loan as well as to beable to live in the park. Its hard enough that its an Owner park meaning there are no rentals here, now this credit score crap. The leanders are very strict, its easier to buy a house then a mobile home now.
Anyways I will be moving in Aug to Chandler (I am getting married Yay)
and want to sale it before I go so I dont have to pay on it while Iam in the other house. So today I put it up for sale. BUT wanted to know my options if it doesnt sale and I decide I dont want to pay the payment anymore.

I know I can just let the Mortgage Company (Vanderbilt) take it back right? But now I am hearing that they might come after me for some money? Is that only if they cant get what is owed on it after they sale it? (owe 33K) And what about my new hubby is he now responsible to pay it if they do because we are married? I just thought they would take it back and put repo on my credit and be done with it. And whats this i hear about IRS, If you foreclose you pay the IRS a payment of some sort??? I do need help in understanding what I can do and what will happen to me if I decide to do certain things.

Thanks.

 

[Souix]

What is the name of your state? Arizona

Hello I live in Arizona and have a mobile home for sale. Things have changed here in the last few months (with the leanders and park managers) that is going to cause alot of problems for us people wanting to sell there homes.
You must have a credit score above 620 to even qualify for the loan as well as to beable to live in the park. Its hard enough that its an Owner park meaning there are no rentals here, now this credit score crap. The leanders are very strict, its easier to buy a house then a mobile home now.
Anyways I will be moving in Aug to Chandler (I am getting married Yay)
and want to sale it before I go so I dont have to pay on it while Iam in the other house. So today I put it up for sale. BUT wanted to know my options if it doesnt sale and I decide I dont want to pay the payment anymore.

I know I can just let the Mortgage Company (Vanderbilt) take it back right? But now I am hearing that they might come after me for some money? Is that only if they cant get what is owed on it after they sale it? (owe 33K) And what about my new hubby is he now responsible to pay it if they do because we are married? I just thought they would take it back and put repo on my credit and be done with it. And whats this i hear about IRS, If you foreclose you pay the IRS a payment of some sort??? I do need help in understanding what I can do and what will happen to me if I decide to do certain things.

Thanks.

***If you don't pay your mortgage payments then you will be in default, the bank will foreclose on you and I assume you are located in a mobile home park so if you don't pay your space rent, the owner of the mobile home park can foreclosure on you. This will be a bad mark against your credit and if your state allows deficiency judgments then they can come after you for the difference between what the bank sells it for and what you owe. Sort of like a car repo. This is the reason why banks will not lend on these homes anymore or at least make it difficult. Too many people cannot sell these homes because no one wants to live in a mobile home park and pay space rent. So they are awfully hard to sell and the owners just eventually give up and let them go to foreclosure. So by you letting your home go back to the bank is just another person contributing to the impossible financing terms on these homes. Don't blame it on the lender, blame yourself for a poor investment. Good Luck, you're going to need it.

 

[Stephenie Smith]

OK what about my new hubby? If I let the home go back will they come after him since he has more assets then me and more income as well? I dont know if I will be working after I get married or not..as least for a while to settle in and stuff.

 

[amortgageman]

Mobile home financing is getting very difficult these days. Especially within a mobile home park. They can still be done though, and lenders will not lend to 100%.

A couple of questions on the mobile home park itself....... What type of lease is on the lot itself? Will they allow you to sell the property on a contract purchase? You will still hold title to the home, but will sell it on contract. This would not be renting the property out. Will the new park management go for this?

Next option that may work, provided you are not tied into obligation with a lease on the lot in the park would be to offer incentive to the seller to move the mobile home out of the park and onto a permanent piece of land. If it is a double wide and on a permanent foundation, then mortgage financing is much easier and more lenient.

 

[Souix]

Mobile home financing is getting very difficult these days. Especially within a mobile home park. They can still be done though, and lenders will not lend to 100%.

A couple of questions on the mobile home park itself....... What type of lease is on the lot itself? Will they allow you to sell the property on a contract purchase? You will still hold title to the home, but will sell it on contract. This would not be renting the property out. Will the new park management go for this?

Next option that may work, provided you are not tied into obligation with a lease on the lot in the park would be to offer incentive to the seller to move the mobile home out of the park and onto a permanent piece of land. If it is a double wide and on a permanent foundation, then mortgage financing is much easier and more lenient.

***If there is a Due on Sale Clause in the current Mortgage, then OP cannot carry a contract. Additionally, OP would have to check her mortgage documents regarding any Due on Sale Clause before contemplating something like this.

And to amortgageman, I have 5 manufactured home listings that on their own lots (not in a park). Financing is not impossible but not good either. If the home is a singlewide, only 1 lender I know of will lend on it and the buyer needs at least 30% down with a sub prime rate starting at 7% depending on the borrowers credit scores. Would you happen to know of a lender that can offer better terms than what I just outlined? If so, please email me and let me know. ***

 

[Stephenie Smith]

I cant sell it without him signing papers I just found out. I dont know where he is since last Jan. He left the home and has left me responsible for the payments even though he is on the loan papers as well as the title. I was going to let the mobile go back to the bank before I found out all the judgements that can be on me. So I guess all I can do now is bankruptcy. Girls if your reading this NEVER no matter how much you love some one NEVER put someone on your loan if your not married.

thanks for your help guys