Vanderbilt Mortgage Informative - Leaving the House
NEWPORT, MICHIGAN -- I am looking for help.
My husband and I bought a manufactured home 9 yrs ago, we paid 80,000 for it. Our intentions were to gain equity to move it on our own land.
We tried and it didn't appraise out so we placed it up for sale, it was not our intentions to live in a manufactured park...we wanted a home and equity!
NOW we have found a home, and no one to buy the current manufactured home. We want to move in, but cant afford 2 mortgages, even though the bank says we can. We plan to leave it up for sale until something can be done.
IF we leave it, and let the bank take it back, does anyone know what the repercussions would be?? Has anyone left a home, and what has happened??
I live in MI where home sales are on the decline, and manufactured homes are being repossessed so selling on your own, or through a realtor is almost impossible. I would really like some help here.
Vanderbilt says they can not help us until the home is in repo status, well that doesn't really help us now does it>?? we need to know if this is a good move, moving into a new home, and leaving current one, or if it will bite us in the butt in years down the road??