Hey RMurray...

[Rod]

I am needing your expertise and your advice on the last post I listed on "How To Sell Your Home In A Park." We're offering the home at a lot less than what we owe. Can the new owners get a clean title or will the remainder have to be paid or some other arrangements for payment be agreed upon before the new title reflects who owns the home? Can it be possible to file bankruptcy on the remainder and the title still be turned over to the new owners in their name? What's the process of foreclosure? How can we minimize the damage and make the process less painful than what is promoted on this forum? I'm in hopes that you've read my last two posts, one responding to your post and my newest questions. Your help would be greatly appreciated. Sincerely, Rod.

[rmurray]

You will have to pay the rest of the loan before you can produce a clear title..

Some lenders might accept a side note from you for the balance...talk to them and ask...be sure you are high enough in the chain of command for a person with the lender to make decisions..

The foreclosure process will not start until you are behind in the payments..Then the process is different in each state..Basically the lender will take the home...sell it to the highest bidder..then pursue you for the balance..

You can file bankruptcy if you like..Chapter 7 will eventually absolve you of all your obligation to this loan..It will stay on your record for 10 years...but normal credit relations can start back in about 24 months...Bankruptcy proceeding can effect your credit score badly...whic in turn will effect the price of future credit you have...the price and availability of insurance...and can even keep you from certain types of jobs in the future...By far the best route would be to sell the home...and figure out how to pay the balance..Good Luck..

[Renee]

Hi - I've been reading some of the discussions and just thought I'd join in!
I am in a mobile home in a park. I've been there for ten years now. When I first moved in the lot rent was 295 per month - Now it's 400 + sewer, water, trash ! When I first moved in, it was a very nice clean park. Now ITS NOT! I have tried on my own to sell my home, thru a real estate agent and thru an agency that sells only preowned mobile homes. Nothing has worked. I owe more than its worth I'm sure. But it is a very nice home and more than people see for regular mobile homes - I just cant get anyone to even stop in and look!

I'd like to move out and leave it! What are the ramifications?
Is there any legal way out??

Thanks to anyone with advice!

[james]

You need to check your State laws on this before walking away from a loan and lease agreement. Many landlords now track deliquent renters so it could show up in a future background check when applying for a new lease in an appartment or mobile park. Maybe you could look into relocating the home to another nicer property that has some vacancies and better accomodations. If your home is in good condition, you may be surprised at how easy it is to relocate when vacancies are on their way up.