The Manufactured Housing Forums

We have a 1999 24x44 doublewide Summit Crest in a park in Thornton Colorado. It's been vacant and up for sale for 9 months, with not even a glimmer of an offer. The park it's in has a glut of mobiles for sale (close to 30% when we left). My husband and I are, needless to say, frustrated at wasting close to $1000 a month (mortgage/rent/taxes) on this money trap. We owe $46K and are told it's value is now half that.

We're contemplating moving the house out here to land in Central Oregon in an attempt to recover some of our financial loss - and position it where it might actually sell...or at the very least, where we may be able to rent it, as we are forbidden to now.

The problem is this notion has received many chuckles, guffaws and giggles from the lenders we have approached. One suggested we walk away from it. One was concerned about the 1200 miles travel causing irreparable damage on the house.

Any suggestions? Are we crazy for contemplating this move? Are we simply moving a liability? Should we just cross our fingers and wait for it to sell?

WHEW...This kind of move would be very expensive....my guess would be nearly $ 12000....How about moving it to a good location near the park and selling as a package?????This would cost only about $4000 plus the property and improvements..

Have you talked to your current lender????...Often they have ways to help...

The park is foolish...not allowing rentals...this will only increase repossessions and further losses for all other park residents...

Before you give it back you should consider bankruptcy is you do not have enough cash to lower the balance to the 24K you are being told it is currently worth...I know this will hurt your credit for a while...but for good folks..this will lessen after 2 years and the effect will be totally gone after 4 years if you keep you payment record all up to date...You might consult with an attorney in your state to find out the rules...

Murray: I can't believe you suggested bankruptcy. You are suggesting that if you make a mistake just walk away from it and let someone else pay. Life is making decisions and living with them either good or bad. It is not the banks fault the home is unsaleable but you are saying let them pay. Oakwood, conseco and a number of others have gone bankrupt because their customers didn't honor their obligations. I guess I am just behind the times and believe if I buy something I should pay for it even if I don't want it later.

I don't believe that was Murray's intent. These people are between a rock and a hard place. I've been reading this site for many months and have never heard him suggest this before. If it was your situation, what would you do? Colorado is a long way from Oregon!!!

I hate to make this type of statement...usually I would totally agree with you....but these folks have little choice...Sounds like this will be a drain for many...many...months to come..
The horrible home only resale problem is not these folks fault...actually it is the fault of the lenders you mentioned....these and other lenders were daily financing homes for folks they knew would not pay...now the chickens have come to roost...unfortunately these folks are caught up in the mess....bankruptcy is in the law to help folks get over mistakes...especially mistakes that were not of their making...

Thanks for the input. I must say bankruptcy is the very last resort - therefore, the consideration of desperate measures like moving it half-way across country. And I wouldn't say the lender is so much to blame (They seem receptive to accepting a payoff less than the amount owed - but we've yet to receive a single offer). I place more blame the dealer who sold it to us. He promised us that mobiles (including those in parks) only gain in value and have done for years, etc, etc.

The other people to blame is ourselves. We believed this line and believed that buying would be smarter than renting while we finished up college. Very bad assumptions. All I have to say to someone considering it as an investment is "don't". If you question this, go to the NADA blue book - check out the value of mobile 2 or 3 years old. Basically, it's just like a car - starts losing value the instant you drive it off the dealer's lot.

The pity of it is that it's a nice house - nicer than the rental we're in now. Another reason why we were thinking of moving it. What a quandry. Anyway - thanks to all for the comments.

Chelsea,

A better way is to check sales of MHs in the area you plan on placing it. The NADA Blue Book is too broad. If I use it to check the value of the home I purchased last year, it will show a loss. However, if you try to buy it for the price in NADA you'll get laughted out of town. MHs in my area (No. Cal.) appreciate in value.

Art