Can't get rid of it to save our lives!

[Rduckee]

My husband has a manufactured home in another state (Oregon) that he puchased new 10 years ago (on a 30 year mortgage). It's in a park that won't allow us to rent it so it has been vacant for over a year as we attempted to sell it. In that time we've had only 1 potential buyer but he withdrew his offer due to dry rot (the inspector anticipated we would have to replace the siding in the near future in addition to making other repairs). We can't afford to drop our sales price any lower (we already agreed to go $10,000 below what we owe on it). We would prefer to stop paying each month for an empty home that we can't seem to sell. We are thinking about giving it back to the bank? If the bank sells it, can they come after us for the difference? Does anyone have a ballpark idea of the cost of moving it? Do we have any other options that I'm missing? This has been such a frustrating process! UGH

[rmurray]

Answer is YES..the bank can and probably will come to you for the loss....To sell for top market..you have to do what professional dealers do...They make the home shine...they will make it look new..They would have changed the siding long ago..Most likely they would have put in new low priced carpet..Painted ceiling and detailed it like a professional detail shop would....Put its best foot forward..This should help you find a buyer who likes it as much as your hubby did 10 years ago...

[Hounddog]

If you cant rent it under the park rules, maybe sell it under contract. Owner finance, As long as the renter has an option to purchase wouldnt it be considered selling the home in lue of renting?

[rbonnie]

If the loan is assumable, you may be able to find someony to assume the loan, releasing you from the liability, for a cash payment.