Mobile Home "Voluntary Surrender?"?

A voluntary surrender is the same as a repo.

The lender may not pick up the mobile home at all, depending on the age and condition. It simply might not be worth the cost of moving and storing. The freight companies that specialize in dismantling and moving mobile homes are often offered older mobile home by the bank in exchange for the work of moving it.

In any case, the mobile home will be sold extremely cheaply and you will be held responsible for the balance of the loan. You will also be held responsible for the lot rent. You made the deal on the lot rent, not the loan company.

You would be much better off finding someone to take over payments or sell the home at a loss and pay the lender the difference.

"Voluntary Surrender" is a horrible situation...be it a car or mobile home.

What will happen is that they will sell it at a big discount, and come right back after you for the remaining balance of the loan + fees. The end result will be that you'll end up owing roughly the same amount that you owe now, with the difference being that the bank now has your trailer. On top of that, your credit rating will be trashed.

If you simply can't keep it....try to sell it yourself and apply the money to the loan...you'll get a lot more that way...Do anything to avoid a voluntary repo.

i'm purely able to respond to 2 of your questions. Sorry! a million) specific, you additionally could make money on the acquisition of the trailer. I down value would be required. interior the tip, after all money are made, you will own the cellular residing house loose and sparkling. 2) maximum cellular house vendors shop their residences in a trailer park. you may pay the park a month-to-month condo value on your lot, and could might desire to sign a lease. maximum are a million years rentals; each each now and then you definately will detect a park prepared to grant 18 month or 2 year rentals. I recommend beginning with everyday a million year words, till you're specific the park is the only on your loved ones. in case you agree directly to bypass, as according to the words of your lease, you may in simple terms flow your trailer off of the park's assets. a lot of plenty in trailer parks contain a (small) patch of grass, and a few even assist you place up a shed for exterior storage. All trailer plenty have a million-2 parking areas related to the plenty on your automobiles. part observe: you would be to blame for all application charges (electric, gas, etc), in simple terms such as you may in the different variety of privately owned assets. desire I helped a splash!

Your home is foreclosed on by the lender and yes you pay rent till your name is removed from the property.