Renting it out is always an option, otherwise you can try speaking to your lender about loan re modification, although that sometimes takes forever depending on the lender. It sounds like now is not the optimal time to try to sell unless you have a buyer that's willing to pay cash in the difference of the appraisal price.
Another option would be to try to short sell the mobile home and get a pre-approved selling price from the bank.... more
You will need to find out if the note holder will allow you to do a short sale or yo can at least make an attempt to sell the home for the balance owed. If you need somebody to work with you through this, please give me a call.
Plaza One Realty Group
The Short Sale Realtor
You may be better to cut all ties.
If both of you are on the loan and title, this will have to be a joint decision.
You sound like you may qualify for a hardship to enable you to do a short sale.
1. Separation (ex-fiances)
2. That may also mean neither one is financially able to buy out the other, or make the monthly payment
3. Lower market value,
Short sale has a less adverse effect on your credit (in 2 years time or less, you may even be able to buy another property; whereas it could take you 7 years or longer to recover from a foreclosure)
If you can't cover your monthly payment if you rent it out-- then what is the agreement between you and your fiance regarding the financial obligation to pay the mortagage? Sounds like a big headache to get both parties to agree.
One can refinance and keep the condo, transfer title only in that one person's name and release the other from the previous loan obligations. But can either one of you qualify to take on the loan as an individual?... more
Do you have a Typically as expiration dates near or reach their time, the Realtors representing the buyer and seller coordinate an extension.
How was the contract written? If one of the contigencies is that the contract is based on a successful appraisal,,,, should that appraisal come in below the contract price, and the lender can't approve the loan, then the contract is ended (or could be renegotiated). The buyer would get their deposit back - which should be help in escrow.
It is all based on how the contract is written. I am not an attorney. I would suggest that you contact your Realtor and your closing attorney for the best advice per your individual situation.