The Manufactured Housing Forums

Hi, due to 2yrs of court battle on child custody, we had no choice but to claim bankrupsty 7 , we kept our mobile home as l;ong as we made payments. And was told that we can sell our home or just walk away from it, since it was named in the bankruptsy. We are now able to buy a regular house, but its not enought o pay off the house loan on trailer(roughly 37,000.) what should we do walk away letting the loan be taken over by our lender or try to sell it. And yet we want to buy a new house asap. What steps would be best and will we have much problemns in getting a loan on another house? Thanks for ur help

I do not think you understood your attorney...he said you could walk away or reaffirm the note and continue payments...Sounds like that is what you did....

If you let it go now..you will not be buying any time soon...NOTHING IS WORSE TO A HOUSING LENDER THAN A FORECLOSURE AFTER A BANKRUPTCY...If the bankruptcy has been fully discharged and you default now..the lender will have the right to sue for the loss..attach anything you own..including the new home..and in many states..garneshee your wages..

You should be talking to your bankruptcy attorney for specific advice..