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Updated almost 17 years ago on . Most recent reply
Getting out of a mortgage
Hello, my name is Mike. My wife & i purchased our mobile home back in 2000. It is our first house, so we were really excited at the time. Since we had no credit back then, we were charged a high interest rate...21%
Now 5 years later, we feel "stuck" where we are. Don't get me wrong, i love my house, and our park. its very peaceful & quiet here, and have very spacious yards\lots. However, lot rent has gone from $240-$345 since we have lived here. Its just getting a little ridiculous paying that along with a $300 house payment. Thats over $600 per month we are paying to buy our mobile home & rent our lot.
The bad part, we filed bankruptcy last year. We did'nt file on our home though..we kept that loan & reafirmed on it. I kind of wish we did file on our house though, because we may have been able to just start over agian with a new home someday, instead of stuck here with bankruptcy on our records.
We would like to get out of this mortage, and get a real house someday soon. Soon meaning, 2-6 years. Since our interest is so high, we are paying rouphy 50,000 for a 14,500 (principal cost) home! How do I get out of this mortgage? I know a lot of you will tell me to just go seek a realtor for advice, but i figured i could get some info from you first.
Everyone thinks a mobile home is so great to have, because its "moveable"...LOLLOLLOL They hav'nt considered the costs of moving a mobile home, its rididculous imo.
Thanks