Re: Assume the loan - Posted by Phil Pelletier
Posted by Phil Pelletier on August 12, 2003 at 13:02:38:
Walk away. Those people are looking at a real problem. They basically have a twenty year CAR loan, paying their payment on a depreciating asset. They need to move the home to their own land (If they can find land and the cash to move the home), or they need to give the home back to the lender and take the credit hit for a few years. They can also live in the place while they look to solve their problem. Don’t make their problem your problem. They are trapped and the only way out is with cash to move the place, or simply giving the home back to the lender.