Can I give my mobile home back to the bank without ruining my credit?
Manufactured Homes March 8th, 2010Please help? I have a 1999 mobile home and I still owe ,000. I have been trying to sell it with no such luck. I have 10 years to pay for it. How can I get out of this mobile home without ruining my credit? I am about to move out of state. The notes are not assumable. Can I just give it back to the bank? What is the best solution. This is the worst decision I have made in my life.
March 8th, 2010 at 5:51 am
In any reasonable scenario, your credit is going to be trashed if you do not pay the loan to which you agreed. Yes, market values have gone down But that does not relieve you from repaying the amounts which you borrowed. You MIGHT consider renting out the mobile home, if that is allowed where you live.