foreclosure

[larry]

has anyone out there ever voluntarily foreclosed on a mh that was financed with chase bank and if so what were the repercussions of doing so. I owe 75000 on the mh and im in texas. any info is appreciated. thank you.

[rmurray]

Chase goes after every possible remidy they have...

A repossession is recorded on your cb files..voluntary or not makes NO difference..

They will sell the home at auction to the highest bidder..usually to a dealer..and at wholesale..They will deduct the amount from your balance...you will still owe the difference Plus any expenses (which can be very large if they have to move a double section)..

If you do not pay..they can and probably will sue you and get a judgement...If they determine you cannot ever pay the balance..they will write off the losses for a tax loss.....but to do this..it is like giving you money..they will follow IRS guidelines and turn in a 1099 income statement on you to the IRS...Then you will owe taxes on the loss....about 1/3...probably about 7 to 8000....Unfortunately since they did not know new address..Chase q\will send the 1099 to your last address known address...where the home was..You will finally hear from the IRS about 2 or 3 years later...owing the 7 or 8K in taxes...but NOW a 25% late filing penalty..plus interest for the 2 or 3 years..or an additional 2 to 3K...OUCH..

If in fact you are considering this..you should talk to a skilled bankruptcy attorney..It might be prudent to file and get it over with..No law suit..no repo..no money owed to the IRS...just attorney fees..Of course your credit will be ruined..but no more so than with a repo..and law suit..

They might work with you if you have a buyer at less than you owe...they might allow the sale and take your balance onto a credit card..or separate note..avoiding bad credit in the long run..Good Luck