Giving up on manufactured home
This is a discussion on Giving up on manufactured home within the Other Real Estate Law Matters forum, part of the REAL ESTATE & PROPERTY LAW category; 7 years ago I signed a loan for a manufactured home. I did it to help out my daughter and ...
![]() |
|
|
Thread Tools | Search this Thread | Rate Thread | Display Modes |
|
|
#1 |
|
Guest
Posts: n/a
|
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?
|
|
| Sponsored Links |
| Criminal law issues? Contact leading defense lawyers now! Free immediate consultation! |
|
|
#2 |
|
Guest
Posts: n/a
|
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.
|
|
|
|
#3 |
|
Guest
Posts: n/a
|
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... |
|
![]() |
| Bookmark & Share |
| Tags |
| None |
This thread has 2 replies and has been viewed 409 times
| Thread Tools | Search this Thread |
| Display Modes | Rate This Thread |
|
|
|
||||
| Thread | Thread Starter | Forum | Replies | Last Post |
| Giving up his rights | Daisy | Child Custody & Support | 3 | Jul 17th, 2009 11:09 AM |
| Giving Notice | Lexi | Landlord vs Tenant Issues | 3 | Feb 24th, 2009 11:45 PM |
| Manufactured Home Woes | Cathy Pesch | Miscellaneous Topics | 1 | Oct 11th, 2008 03:34 AM |
| please help manufactured home mortgage issue | Unregistered | Mortgages, Refinancing, Foreclosure | 1 | Apr 9th, 2007 09:44 AM |
| giving up rights | Unregistered | Child Custody & Support | 1 | Mar 25th, 2007 10:32 AM |
Criminal law issues? Contact leading defense lawyers now! Free immediate consultation!
All times are GMT -5. The time now is 07:12 PM.



Giving up on manufactured home






Linear Mode

