Giving up on manufactured home

7 years ago I signed a loan for a manufactured home. I did it to help out my daughter and son in law who had no credit at the time. Here we are 7 years later where they are getting a divorce and I am stuck with the payment of this home. I am thinking of telling the bank that I cannot pay for it any longer and voluntarily give up the home. My question is...Can they force me to pay what is owed on that loan if I no longer have it? Is there a legal letter that I need to give to the bank when I let them know that I can no longer pay the loan?

OK....no one answered my question but it's ok...I already got my answer. I asked a loan officer at my bank as to what would happen if I stopped paying the loan on the manufactured home. He advised me not to do that. His advice was that I should rent it out or sell it. I told him that if I sold it there was no way that I could get what is still owed on the loan...$31,000.00. He said...if you have to...borrow the rest and finish paying the loan. If I give up and not pay...he says that my credit will be shot and I will end up paying big time anyway with high interest fees on any future loans that I may need. I could end up paying over $6,000 in interest on just a car loan. So, in a nutshell, my answer is to rent it or sell and borrow (low interest loan) to pay the difference on the loan.

Yes that is right; you are still liable.

You can however also sue the one that did not pay-- for each and/or every payment you have to make...