I live in a manufactured home that I do not want to live in anymore. How do I go into foreclosure?

Question

My interest rate is 17.5% and my mortgage payment and lot rent is so hard to keep up with. I have never been 30 days late. But I don't want the house anymore and really don't care about my credit either. Does anyone know what will happen if I just stop making the payments and let the house go into foreclosure? If my husband and I both have jobs paying us under the table, will they be able to garnish our wages still? Any advice would help. Like I said i don't want the house, it depreciates it value, and I owe about $30,000 more than it is actually worth, so there is no sense in selling it or refinancing because no one will buy something that isn't worh the money they have to pay for it.

Answer 1

You should get your tubes tied, and your husband should get a vasectomy. That way you can not pollute the earth with your seed.

We do not need any more dishonest or stupid people on the planet.

Seriously, you are asking how to get defraud the loan company, while you are cheating society by not paying taxes. In America, we call people like you criminals.

If that is not your intention, then call the mortgage company and ask for a workout to get you out of the property loan. This is a friendly version of a foreclosure.

Many companies will pay you a small amount to move immediately if you let an inspection company come in before and after the move.  (This is to assure that the property is not already destroyed, and you do not destroy the property when leaving.)

Answer 2

Quit paying the mortgage, live rent free for 4 mos. until they come to evict you. That would be a forcible foreclosure. Or you can just turnover the keys to the house, at the bank and say todeloo! that would be a voluntary repossession.

They both look bad but the voluntary repo looks better for your future credit.

Answer 3

Rent it out & go live/rent somewhere else....at least that way you're not living there...the house is paying for itself while someone else pays to live there.

Nothing is lost, you're credit is will be ok & you'll be happy living somewhere else.

Answer 4

I hope you are thinking of all your options with this. Where will you live if you let the bank forclose? You know that you wont be able to get another loan for a very long time! And you are still going to owe your bank money after they forclose and auction your home. It would be in your best interest to try and sell the house or talk to the bank about you situation. I dont think you realize it's not as easy as letting the bank take it back and walking away. They will try and sale or auction the property and you will be responsible for whatever portion is left after that.

Answer 5

You need to care about your credit, otherwise you won't be able to purchase a car or another house.

If you don't want your home, sell it.  Why go into foreclosure over something someone would buy.

If the bank forecloses your home, it will auction it off.  You'll still have to pay the difference to the bank.  For example, let's say the house is worth $30,000.  It sells at an auction for only $20,000.  You'll still be responsible for the remaining $10,000.

My best advice is to find a GOOD Realtor to help you sell it.