96' PH , can't even give it away

[shiloh]

HELP......
I have a 96 PH 1000's series,(28X50) that I need to let go. The home is in great shape, all the upgrades and ~45k left on the loan. I tried realitors, the paper and a sign in the front yard. Cant seem to find a person with the credit to get approved through Conseco to assume the thing. I even offered to pay 2k for someone to assume it!! (been on the market for ~2 1/2 years)
Is there a way to get rid of this home,without the repo ruining my credit??
We have got "A" paper now & would like to keep it that way.
At a ropes end in Austin Texas
Shiloh

[Peggy]

Is this house on its own land?

[rmurray]

It is very hard to find buyers for home only sales now...Real estate folks will be no help...

Are there areas close buy to property at a reasonable price...If so you might want to talk to a mortgage lender and do a land/home loan and move the home to the lot..At current rates..about 6%..interest you could add 5K for moving and 20K for land and have payments of only $ 425/mo....This package should then be easy to sell...maybe even at a modest profit...or lease to a quality tenent at a positive cash flow...

Conseco does have a good policy for assumptions...but the rates are high and those with good credit do not often buy home only in todays market...

Good Luck

[shiloh]

Thank you so very much for your replies,
But around the Austin area, the price for a lot that is zoned for trailers is rather high, so I do not have land as of yet. And, even if I did, I am looking at 30k for the lot, 5k for the move, another 10k for the septic and hook ups. I just dont think I could get 90k for a home that is 7 years old, even if it were on a lot.
So my next question is... if I let it them Repo the home, how long does it stay on our credit? And just how bad will it screw us up? I thought I heard, that it is for 7 years, and after that we can have it taken off. And if it is the only "blemish" we have on our report then, how is it looked at by creditors? This is not what I want to do, but I feel that we may have no other choice left.
Thanks again
Shiloh

[rmurray]

Things that lenders can legally do to collect the money..
1) blemish your credit on the credit files..You are right that they stay for only 7 years from the first time you were late...not the actual time they take the home...

BUT

2) the lender can and will sell the home...most likely at a large loss...then they can take a judgement against you from the courts..Judgement attach ANY assets you have now or in the future...These are much worse on your credit file because they will stop you from buying any real estate..If you buy a home before they file..it will become a permanent lien on that home...each state is different as to how long judgements are good for...Here in GA they are good for 20 years..the leave the credit files after 10 years by federal law...In SC judgements are FOREVER...In some states judgement holders can attach your bank account and even garnisshee your wages..

OR
3)..the lender can sell your bad account to a professional debt collector..When they take judgements..they do not go away..

AND/OR

4)..the lender can write off your loss on thier federal income taxes...when they do they MUST file a 1099 on you with the IRS for the income you gained to "pay off" your forgiven debt...Then you will owe income taxes...most likely penalties and interest...Tax liens last 10 years on credit files...

Sorry...Reposessions are serious business..you should get legal advice from a local attorney to know what is the exact possibilities in yopur state..

Of course you bould file bankruptcy..and the debt goes away..This stays on your credit file for 10 years..

[Richard]

Sorry, I've got to say; What other housing can you find stacked up at a dealers' lot and being auctioned off? Is there a NADA of book values on 'real' property? I have not been able to find where these manufactured houses hold their value, whether on permanent foundations or not. I've had my house on the market for over a year and received three calls, while new homes (manufactured) are being sold all around me. Could it be that the dealer is telling the buyer that they are getting a modular? Yes indeed, I have found ex-employees and too many owners have made that statement to me. "We were told we were buying a modular house". The dealer is continually getting away with his lies and selling the manufactured houses as modular. My complaints to one office of HUD got me a response, HUD has no law and or legal way to go after the dealer or the manufacturer, for anything. Contacting the states attorney one is told that MHs are a HUD protected item, and cannot be regulated by the states. Give me back my stick built home.

[Art Rigsby]

Ruchard,

Come to California. A MH appreciates in this state no matter what or where it is sitting.

Art

[Art Rigsby]

Richard,

Come to California. A MH appreciates in this state no matter what or where it is sitting.

Art

[Peggy]

This is the kind of post I HATE to read. I don't want to buy a manufactured home if, down the road, I can't sell it if I want to. I hope Richard's experience is the exception.

[John]

Peggy:
The best way is to own the land because if it has to be moved you will take a beating on the price and if it is a single, good luck. I have had my D/W MH since 1993 and can get what I paid for it but not much more and I own the land and it is at a lake. I have seen very few mobiles appreciate and those that are not on owned land depreciate at a rapid rate, of course this depends somewhat on where you live, but always put it on land you own. I think the industry does the buyer a dis-service by advertising cheaper than rent and someone comes in with minimum down, puts it in a park, pays for 3-5 years and is totally upside down on their note.
There is a lot of expierence on this board (not speaking of me) and it is smart to use all of it.
I will replace my home with a newer/larger one but I know I will keep it for years and than give it to my kids as their lake house. If I had plans of keeping it for five years I would stick build because, although it cost more, I know it is saleable at a profit and I can't say the same for a mobile.