How do you give a trailer back to the bank?

[mira]

How do you give a manufactured home back to the bank? I have a 4 hour commute and i"ve been trying to sell my house for the last 4 years. The banks want too much down (5% to 20%) and none of the bidders have been able to get financing. I don't care what it does to my credit. Gas is too expensive and so is my time.

Reposting because I can't find the one I posted yesterday.

[David Oxhandler]

You cant give back something they never owned.... What your asking is how do you default on your obligation now that it is no longer convenient for you to honor it.

[Mac]

Call your lender and tell them you want to stop making payments and that they should take possession of your home. Bear in mind that when they resell it, the amount they get may or may not cover what you owe, and you may have to come up with additional funds. If you don't do that, they can get a judgment against you, and garnish your wages. In some states, Oregon being one, a person's first mortgage can be walked away from without satisfying a deficiency. However, if the person refinances that mortgage, it is then presumed that the person knows what they are doing, and that law no longer applies.

Expect that you will have a hard time obtaining credit for some period after, and that your car insurance premium may also go up, since more companies are using credit scores to set premiums.

Probably your best bet is to spend $50-100 to consult with a real estate attorney about your options, before doing anything.