What will happen if we can no longer afford to pay for a mobile home we have been unable to sell?

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What will happen if we can no longer afford to pay for a mobile home we have been unable to sell?

The house has been empty for over a year while we have tried to sell it but none of the interested parties have been able to obtain financing. We have tried hard to keep our credit clean and have not had a late payment yet, but will soon be unable to continue to pay the mortgage. We are living in another state and bought another house and the double payments have cleaned out our savings and we have nothing else left to fall back on. What will happen to our credit and mortgage if we let the mobile home go back to the lender?

Asked on March 27, 2012 under Real Estate Law, Minnesota

Answers:

Hong Shen / Roberts Law Group

Answered 9 years ago | Contributor

You would have to either negotiate with the lender to go through a short sale or the lender will put the home on foreclosure, pretty much like a real house.


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