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Full Version: Here's My Dilemma...
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Bought my house (actually, a 2,000 sq. ft. double-wide) brand new, 8 years ago. Even though I've paid well over 50 grand into it so far, I still owe 28 grand. 

At this point, I'm willing to kiss all that goodbye & walk away, simply for the payoff. Problem is, even though the taxable value is still 6 grand more than what I owe (luckily), in today's economic climate, I'm not sure I can find anybody to even take over the mortgage, even though the mortgage balance is 6 grand less than the home still books for.

I don't wanna simply default on the loan, let the bank repo the darn thing, & totally destroy my outstanding credit, just to get out from under the payments & enjoy the freedom.

What to do, what to do... 

I'd love to hear some opinions, advice, ideas, experiences of others, etc. 


Thanx, PM! That's good advice! I hadn't thought about the possibility of them still trying to collect, even after repo-ing the darn thing! If it turns out they can do that here, then I guess I'm just stuck unless I can find a buyer willing to assume the balance of the mortgage.

At present, I owe $27,600. The taxable value is $33,400, so I still have a possible chance here, but within a year or 2, the value of the home will finally drop to less than what I owe, in which case I'll definitely be up the creek! 


Do you have a good realtor?  They can help you price your place correctly  and give you hints on how to make your place attractive for possible buyers.  They are worth the 6-8% they charge.  Also you may end up having to fork out a few thousand to at the time of sale to get out from under your home.  Its hard but its better than wrecking your credit and losing several thousand because the bank comes after you.  Good luck.

Rae

yesican Wrote:

Do you have a good realtor?  They can help you price your place correctly  and give you hints on how to make your place attractive for possible buyers.  They are worth the 6-8% they charge.


Thanx, Rae. I've already talked to a realtor. They told me if this thing was underpinned with brick or block, it would be considered a structure, same as a house, & they'd be glad to handle it. However, since it still has regular vinyl underpinning, it's still a mobile home, & they don't wanna handle it. 

They said my best option was to try to sell the home on my own, & after it's gone, they'd be glad to handle the sale of the land itself, which is 3 acres I already own, & isn't tied up in my mortgage.

Sure, I could offer the LAND as an enticement to buy the HOME, but I don't really wanna lose the LAND, in ADDITION to the home! It would be nice to retain the land as a home base for my motorhome, or to at least sell for a few grand, which would pay for a DESPERATELY needed new truck & repairs on my 38-year-old, antique Class C.

Not counting the motorhome itself, which won't even start at present, my only vehicle is a 17-year-old, 4 cylinder truck, which smokes, has unknown mileage, & has been in the shop for 3 1/2 weeks! (so far)

I'm in a heckuva pickle... 


Today I offered my home to someone I know, for $6,000 LESS than the taxable value, & $2,500 LESS than the payoff.

She needs her parents' help to pull it off, but they've already looked at the place once before, & it looks highly likely at this point that I've made 'em an offer too good to pass up.

If it works out, the home will be gone, along with the house payment, but I'll still retain the land, on which I can then squat, in my old, ratty, non-running, antique Class B with busted water lines. Initially, actually LIVING in that thing full-time will be nearly intolerable, but the monthly $374 house payment I'll no longer be saddled with, can be used to gradually make repairs, or possibly to finance another truck, as my old 17-year old, worn out truck has now been in the shop for FIVE SOLID WEEKS as of today!

Keeping my fingers crossed!

Have you considered selling the house and  a 1 acre lot ... divide your 3 acres and keep two acres ... on land contract.
You still retain title to the house until paid off at say, $600 per month? Lots of folks can afford payments, but don't have the downpayment neccesary to get financed. 

The new person pays you each month plus all their taxes and utilities. Out of the $600 you pay the mortgage and get over $200 a month to devote to your repairs and another truck. You also get 2 acres to park on.

Just a suggestion ... what do you think of it?

Bob

put a match to it because you are so under water with it... Collect the insurance... sell the land and walk away... What did i say that. not me....

Stude53, food for thought, but won't work in my particular case.
Thanx though! :-)

Y-Wave, thanx! I appreciate that! :-)

If this woman takes the home off my hands, I'm gonna sell the land for whatever I can get, & use summa the money to buy a halfway decent truck. Right now, I've been without transportation for over 5 solid weeks, which is an UNBELIEVABLY difficult situation when U live alone, & out in the boonies, too!

Even if I ever get it back, my ol' truck's shot anyway.



Up till 2 days ago, I've only been advertising by word of mouth, & a "For Sale" sign out by the road.

Turns out, once I placed an ad on Craigslist, offering the home for 6 grand below the taxable value, it only took 2 days to snag a taker. I WOULD say BUYER, but that would be inaccurate, since I'm not actually selling it, I'm just giving it away for the balance, but still...

The couple are thrilled to get a large, near-immaculate home for this price, & even though it's probably not legally enforceable, they did leave me with a hand-written "contract" of sorts, stating the particulars they were agreeing to, & giving me 2 months to get moved out before they have it moved! DO I DARE TO HOPE?!!!

If this all plays out, once the home is gone, temporarily things will be worse than ever, cuz I'll be living in my ol' non-running motorhome with busted water lines, I'll have no power, no phone, no internet, no water, nothing. BUT... I'll be out from under the house payment, which means I'll be able to finance another truck, since my 17-year-old, 4-cylinder oil burner is about shot. 

Things are definitely gonna get worse before they get better, proving that physical exercise isn't the only time the old expression "No Pain, No Gain" applies!


Congrats! Do spend the money to get everything legal and noterized. Luckily I did with my land contracters but I still have a mess on my hands to be sorted out in court. 
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