Posted by Just2Funny4Words on March 31, 2000 at 07:49:23:
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Can I do a “short sale” on a mobile home? - Posted by Thurman
Posted by Thurman on March 30, 2000 at 22:19:13:
1995 Mobile home on rented lot
Amount owed: $17,000
Sellers are 3-4 months behind on payments.
Monthly payment: $257.00
Monthly rent on private lot: $50.00
Sellers want me to take over the loan to save their credit history.
Normally, I would pass on this deal because I don’t think the mobile home is worth $17,000, however, I was wondering - Can I seek a “short sale” from the creditor on a mobile home just like on a regular house? If it is possible, how would I go about doing a “short sale” on the mobile home? Also, could the creditor still place a deficiency judgement against the sellers to make up the difference in price sold and what is owed?
Thank you in advance for any help you can give on my questions.
Your friend,
Thurman
Re: Can I do a “short sale” on a mobile home? - Posted by Nicole_AZ
Posted by Nicole_AZ on March 31, 2000 at 19:00:34:
I had attempted this with a mh. The bank was going to accept my offer with the understanding that a portion of the remaining debt would be paid off by the seller. The seller did not accept this offer so I didn’t end up getting the property.