Walk away from Mobile Home in Park. Options?

Question

Hello,

I owe $45k on my home and we reside in a mobile home park. I would like to leave my house and am wondering if anyone has done that. I'm behind on both my mortgage and lot rent and just wondered what happens if I just up & leave. Or am I better off contacting the mtg company and letting them know I'm leaving. I've heard of something called deed in lieu of foreclosure, does anyone know about that? I have tried to sell house but no one wants to pay that much for a "used trailer" and also my lot rent is very high at the park that I'm in. I'm looking for some helpful advice here. I understand the moral issues of foreclosure etc, so I don't need any negative input. I'm at a point where I don't have any other options...Just looking to see if anyone else has been in this particular situation and how it plays out.

Thanks!

Answer 1

The problem you may face is even though you walk away you are liable if something was to happen. i.e. kids break in and get hurt, fire starts and someone gets hurt.  Now days just walking away is not a option unless your willing to worry for the next ten years or how ever long it takes to clear your name.

At least you in control of property the chances of accidents happening are lowered.  

Answer 2

You should consult an attorney.   You are not simply walking away from a mortgage, you are abandoning your property on someone else's private property.   You can't just dump your used property on someone else (park owner in this case).    You will likely be held liable for the cost of them hauling your trailer off and disposing of it.   That cost may be high enough to make it criminally actionable.

Definitely contact your mortgage company and try to get them to accept the deed, this will make them responsible from that point forward.

Expect a law suit from the park regardless, you still owe the rent.