Posted by mike barlow on August 13, 2007 at 14:07:18:
Just some comments and there is no good news to follow:
We all want to sell fast but can’t and on top of that you are in one of
the worse markets in the USA–probably the worse. Buyers can buy
the repo’s so why should they buy yours. All of the sales we are
making we have to carry the contract. you said, “used ones
comparable to mine are going for between $66-83k” OK good deal.
Then just do what they did. Who sold the houses for 66 to 83? How
many were sold? How long did it take them to sell? You just want
$51K but someone has to assume the $51K, and who is going to do
that when they can find a home maybe as nice as yours and the seller
will carry. If the park can sell you home and get paid a commission
and get you off the loan would that be worth it? Will the park allow
you to rent it out? Pay the park a fee say $75 a month to manage it.
There is no easy solution for you. Your home most likely is dropping in
value and is worth less than the loan owed against it. I have one like
that and will try to sell it for the loan amount owing on a lease option
with maybe $2000 option consideration with the payment enough to
pay the park rent and the mortgage payment amortizing down at about
the same rate and time as the underlying mortgage. In other words,
get someone to pay your payments for you. You save your credit but
still have that mortgage on your credit report.