Need Some Advice

[v_jelley]

Dear All,

My husband and I purchased (or thought we did) a 2000 double wide in 2002 in a very nice MHP from a dealer in town, and we have recently been told by the mortgage company that ARC own the home and that the mortgage company are only servicing the loan for ARC. We want to buy a new place as this is too small for us now, but ARC will not buy it back from us they want us to voluntary suurender it, but our new broker said we can't do that and it not go against our credit, does anyone have any sugesstions as to what we can do? We have already signed paperwork with the realestate agent who found a new house for us and we are suppose to close at the end of the month but we can't until we find something to do with our current house, we have also signed all the contracts with the mortgage broker as well as the real estate agent and have already paid our earnest money to them.

We only found out all this information in the past 2 weeks so any help would be appreciated

[rmurray]

Giving a home back to the lender can be disastrous......No lender buys back mortgaged merchandise..The voluntary repossession means little...You will still owe the money and your credit will be effected...Your agent know of what he speaks...

[jgn]

I assume you did not have your new purchase contingent on the sale of your existing home so if you default on the purchase you will forfit all or most of the earnest money. You can apply for a bridge loan to cover your down payment but than you would have three loans to pay back. Most mortgage companies do not service their own originated mortgages so your situation is not unique. If you have decent credit and you let your home "go back" your credit will take a huge hit and you will still be responsible for any loss the lender takes on the disposal of the home. You could consider an auction for a quick sale but you may not get what you need out of it. Selling a home in a park can be a difficult situation and can take a long time but letting a house "go back" will have long term effects.