Posted by River City on July 16, 2003 at 09:44:24:
Anyone who tells you that they abandoned their home and moved out of state and had no problems is not the type of person you can believe. If they had a loan on the home, then there were problems. Do they think the lender is going to forgive them of their debt? NOT! When they apply for credit in the future, this abandonment that has not caused any problems will certainly cause some problems in their obtaining credit for the next 7 years, at least. And, now that companies “monitor” accounts, if they have credit cards, the credit card lenders can raise their rates based on the defaulted debt on the mobile home. So, they do have problems.
If you are having difficulty making your payments, contact the lender and discuss the problems with them. Remember that it is not the lender’s fault that the value of the home is less than the loan amount. If the problem is due to location, move the mobile home to a better location.
Keep in mind that when people default on their loans, everyone pays. Not just you, but everyone. It sounds like you could use some debt counseling. Not credit repair. If you always run away from your money problems, you will never be settled. You will always have nothing. Hopefully, you don’t have children as this is not a good example for them to follow.