What to do if I’m upside down in my mobile home on rented land?

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What to do if I’m upside down in my mobile home on rented land?

I’m upside down in the mobile home I own I on rented land in a mobile home park. Been trying to sell for 6 months but no one will pay the owed $27,700 that is owned; it is worth $10,000 – $14,000. The lending company will not accept short. I can’t rent it out because the park owner won’t allow it. The home is vacant so I don’t need it for shelter. Just bought my first home 6 months ago. I’m currently running out of money and options. What else can I do besides a voluntary repossession?

Asked on November 28, 2011 under Real Estate Law, North Carolina

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You don't have much in the way of options:

1) You can't make the lender accept a short sale.

2) You can't force the lender to accept the home back--or rather, you can't get them to accept the home in satisfaction of your debt unless they choose to. So if they want, they can repossess the home once you are in default, then sue you for the balance owed.

3) Even after the home is repossessed, depending on the terms of your rental agreement, you may still owe rent on it.

First, check your lease, park rules, etc.--if they do not specifically prevent rentals of homes, or give the park owner the right to bar rentals at the owner's option, you may be able to rent the home out, even if it makes the owner unhappy.

If that doesn't work, you should consult with a bankruptcy attorney--you may need to consider bankruptcy as an option, especially since you have already bought a new home (i.e. it won't prevent you from buying a home).


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