Letting them go back?

[wendy]

I hate manufactured homes!!! I've been trying to sell a 1996 Marlette for over a year. I can't even get someone to take over payments! Realtors out here refuse to list them because they don't sell. I'm now negative 15,000 in equity and I can't get out of this thing. What are the options one has? I am thinking of giving it back to conseco and then turning around and making minimal monthly payments so that they can in turn resell it and I will then owe the residual without making our perfect credit flawed? Think they would do something to work with us? I'm so confused and so worried that everything we've worked so hard for is about to go down the drain for a stupid home that was built in a factory and we would have been better in an apartment!

Can someone help???

[jgn]

Any home that has to be moved or is on rented land is going to be tough to sell. It is unfortunate that you did not know that going in but dealers want to sell homes and some buyers do not do their homework. An option is to move it to some land you can buy and sell it as a land home package, the way most houses are sold. Try selling a site built home that needs to be moved and you will probably give it away.

[rmurray]

Candidly selling a home is quite a task...You say you are 15K upside down...does not seem likely if you bought the home new...but if you refied in the last few years if might...

If you ask your real estate friends about stick built resales...They will tell you the the average sale is in 6 to 9 months....average remember...many sell in the first few weeks...others take years...

Our dealership has more than 1 home both new and used that have been on our lot for sale for over 1 year....BUT...every home is sold to someone someday.....

Take a look at what you are doing to sell...would you buy the home the way it is offered...if not what would have to be done to make you buy it...At a minimum...we replace carpet, paint cielings and do all repairs necessary to make the home immediately liveable...Have you done all this to make your house attractive to all clients...

Conseco is currently in bankruptcy and the finance division is being sold to a new company..This deal should finalize in the next few weeks...Until then there will be no help..When the new folks take over...call a supervisor and ask about any help they might offer...

[judy]

Wendy,
I know how you feel. We have a MH, and have had it on the market for over a year and can't sell it. We are now going to be going into foreclosure because we can no longer make the payments. I am on disability and my husband is 65. The money we would have gotten was for our retirement, now it is all gone. I live in California in a very nice family park, close to everything, and we have people looking but nobody seems to be buying. I really really hate to say this, but the park has been kind of taken over by people of the Asian race, and they want everything like new, but do not want to pay for it. We have had to drop the price 5 times, and still no buyers. I wish you luck.
judy

[wendy]

Thanks for your nice post. Honestly, we've done everything to make this home sellable. It's got an attached garage, nice patio off the back, hot tub, you name it. However, prior to us purchasing it the home was refinanced by the original owners so we bought it for 58,000. Believe it or not we still owe 55,000 after 4 years. The houses in this area are now selling for the 25-30,000 range and ours is simply too much. I can't sell it for less than I owe right?

This is so hard to imagine the ramifications of giving something back. Do you know who Conseco is joining with? Hopefully there will be someone on the other end of that phone who can truly listen and understand that I want to do whatever I can. Even if I pay 100.00 a month on the place until they can find someone to buy it.

It kills me to know that I've done all we can and there is nothing I can do unless i add a second story. The home has new carpeting, new paint, new flooring throughout. Huge bedrooms, you name it. Still, lots of interest but why buy a two bedroom at that price when they can get one now for 25,000. UGH. I just can't stop crying thinking of what this is going to do for our credit.

[jgn]

I would rather take a $15K hit than ruin my credit because I can pay back the hit quicker than I can re-establish my credit. The problem you face is you are overpriced for the local market and very little is going to change that. Could you rent it with an option to purchase, that creates other problems as well but a thought.

[DstPN]

Word of caution on letting these homes to the bank. You all acknowledge ruining your your credit, but if you read your contract pay particular attention to the term deficiency balance. What this means if the home repos either voluntary or involuntary you will still be on the hook for what the bank doesn't get to cover the payoff not exclusive of compounded interest, repairs, legal fees, etc. Lenders can and will sue you for the difference either through garnishment or involving the IRS to recover what is owed. Bankruptcy is the only way to avoid this, however you will get the double wammy on BK and a repo, leaving that black mark for about 10 years. Take what you will from this and good luck.

[rmurray]

The group buying Conseco is a new company....They have no offices yet...

Sounds like you have toooooo nice of house for the area....Keep trying..you will find someone retired looking for something nice..

[lou]

call the bank or who ever has the mortgage, and ask to speak to the short sell department. ask them for a settlement. do you have someone that is interested in the home? and for how much? get the one that is serious about the home and come up with a firm amt, then put it in writing and submit to the lender. i was in the same situation, trying to sell and not getting what i needed to pay off, so i got the best amt, and offered to settle with the lender, they accepted. and i got money after closing. good luck to you.

[wendy]

Lou,

This is something I would like to learn more about. Could you tell me more about this???