Have To Let Mobile Home Go Back To The Bank
Q: Have to let mobile home go back to the bank ?
Due to a whole bunch of unforeseen circumstances, it looks like I'm going to have to let Greentree take back the mobile home we purchased. We still owe $69,000 (just had it a year)! Has anyone had experience with this kind of thing. We know we're going to lose A LOT but want it to be as painless as possible. One lawyer said if we assure them we'll pay the balance within two or three days after they sell it, they may not turn it in to our credit record. They just want their money. Think that's true?
A: You really think they will sell it for the most to save you $$$$$. I doubt it. They will sell it (probably to one of their friend) say about $2,000. That will mean you will have to come up with the difference PLUS expenses. Expenses could be 3 to 7 THOUSAND on top of the $67,000 difference. Suggest you do the selling instead of them. A friend of mine owed a little over $5,500 on his trailer and he let the back to take it back. The bank sold it for $100.00 and when he got the invoice the amount was over $15,000 DUE. He went into bankruptcy. Now his credit is almost like the bottom of the toilet. .