Can we keep our property but sell home only?

[kbeever]

We got screwed with our current loan. We bought our manufactured home & the 3.8 acres it sits on for $159,000 2.5 years ago. Our monthly payment was $1580 and being adjustable went to $1700/mo, then b/c of escrow shortage jumped to $1900 all w/in 2 months. We only make $3200/mo gross. We are trying to refinance but I am finding that with fair credit we still can't get a reasonable monthly payment and no one wants to refinance a manufactured home. I wasn't aware that it is basically considered a trailer until just recently. It looks like a ranch style home(1500 sq ft). Since we had an interest only loan our principal balance is still the same. Does anyone know any options we might have. We really love our property/area, is there any way we can just sell the home and keep our property to build on. I don't know how that would work but it seems like our only option right now is to foreclose. Please help. Thank you.

[rmurray]

Geez....You took an interest only variable rate loan and you claim you were screwed....What did you expect to happen when rates went up....I do not hardly believe that you qualified for a $1580 payment with only $3200 gross income...Do not blame this problem on the industry...

You do have a problem.....Yes you can sell the home separate from the property but you will lose many thousands...moving costs of this type of home will be tens of thousands..Most of its value is in the land...sepatate from the land the home will take a bath.....

Best way would be to sell the whole thing and move on to a lower priced neighborhood that fits your income.....

Sorry you got caught up with a designer loan....You should have read your loan docs and figured the worse case possibilities and had a plan for them....