Take my mobile home please!!!

[Shawn]

Back in 1998 myself and another Marine thought it would be a good idea to buy a 2 bedroom manufactured home to live in instead of the barracks. We weren't in any risk of moving or in any hurry to move. Now we are both married and not living in the home. It is sitting in a mobile home park rented lot in Havelock, NC. We bought it from Energy Efficient homes in New Bern, NC. They have since been replaced by another company. Our loan was for about $38000 for the home. We currently owe $34000. Our payments are $282 a month. I've been told there is nothing I can do. I feel as though no one can help me at all. We have no desire to make a profit, we just want to get rid of it. Who can take this home out of my hands or can anyone? My wife and I want to buy a new house, but we can't afford the payments because of the mobile home. I have a For Sale sign in the yard and have had a couple calls, but they can't take the $34000 debt. It is financed through Greentree and they cannot transfer the title to anyone nor can they refinance. I realize now that this was a really bad decision, we should have got an apartment instead. I've thought about renting it to someone but that is too long term. Is there a short term solution to this or should I put it in my back yard as a very expensive dog house?

[Jon]

Shawn:
Had you rented during the intervening six years you would have absolutely no ability to even try to recoup any of your housing expense. This way at least you have a chance.
Assuming the home is in good condition, situated in a good or better park and the housing market is stable (neither a strong seller's nor a strong buyer's market), the issue becomes one of marketing. Are you advertising the home on the supermarket bulletin board or are you making a serious attempt to attract qualified buyers through ads in upscale locations/publications?
Have you listed the home with a real estate agent?
Do you know the selling prices of other homes in the park that have recently sold? Are they significantly lower than your price? If so, and if you are eager to unload the home quickly, you may want to sell at a price that is less than the amount owed, especially if the difference is a few thousand dollars or so. Consider selling the home subject to you obtaining a personal loan with a net equal to the difference then you may completely pay the chattel mortgage off at the closing. Clearly, this may not be your ideal solution but having a outstanding loan of $3,000 or $4,000 is certainly better than an outstanding loan of $34,000, and it would stop your monthly rent payment for the park site. You can use the saved rent money to pay the personal loan.
If other homes in the park have sold for more or about the same price as you seek, you probably need to rethink your marketing strategy.
As you already mentioned, another approach would be to rent the home. But unless you're ready to become a landlord, such an approach can be more trouble than its worth---particularly if you don't have the patience for it.
You should probably not remove the home from the park except as a last resort. Like any house that is separated from a set-up site, the value of the home will decrease. Moreover, your present mortgagee would probably object to such a move.
Anyway, I hope the foregoing helps.

[chase]

i pity you, greentree will hound you till the ends of the earth. here is some help hopefully. i have went thru this with my daughter in parris island, she had her home on the base mhp , the easiest way for you to sell this home is to another marine who wants to live off base. greentree will do a loan assumption . a TOE THEY CALL IT, take over of equity. if you are current on payments they wont let on. but considering what the housing allowance is in havelock and parris island you should be able to rent that puppy and come out ahead . if you can show that the payment is covered by the rent and then some profit a mortgage company should look at this as a plus. my coporal daughter soon to be lieutenant daughter since she got her degree and is heading to quantico soon , was taught this by her mobile home setting father and is now turning a profit. look at it this way as long as there is a marine there you can rent this baby and know you can get your money and if you just dont want to do that talk to regional greentree office personally and arrange a toe with them. usually costs 500 . and greentreee wont refinance they probably have a real money making deal with you, they rank right up there with all the payday loan places outside the base gates. and on a side note, you see all the marine posters with that bad ass looking drill sergeant with the mean stare ?? that is my son to be son-in law who is artillery at camp lejeune , former di at parris island