Foreclosure in 83843>Question Details

Kcanifax, Other/Just Looking in Coeur D Alene, ID

I need to stop paying my mobile home mortgage. what do I need to do to let it be forclosed on?

Asked by Kcanifax, Coeur D Alene, ID Sun Jan 3, 2010

Help the community by answering this question:


You need to talk to your lender about your situation and explore your options. The process is different depending upon whether the home is in a park and has a title or is on real property and has a deed. Besides foreclosure, deeding it to the mortgage holder in lieu of foreclosure, selling it as a short sale if necessary, and mortgage modification are a some of your options. I recommend not just talking to your lender, but also talking to an attorney. Before you say that you can't afford an attorney at least call and inquire about the of an initial consultation to find out if they can help you. I may not be able to afford not contacting an attorney.

Best of luck,
Connie Herbert
0 votes Thank Flag Link Tue Jan 5, 2010
You need to contact your lender and try to work something out as stated by the previous experts. I just want to add one more thing: you will not only take a huge hit to your credit score you will fall under the "Waiting Period" after foreclosure requirement which means you will not be eligible for a mortgage for 5 to 7 years. Also the foreclosure will be listed on your credit report for 10 years making other type of loans difficult to obtain as well. Good Luck Bob
0 votes Thank Flag Link Mon Jan 4, 2010
Just letting your home become foreclosed on without making an effort to contact your lender is really not a good idea, just like the last two posts said- you are looking at taking upwards of a 300 point hit on your credit FICO score. Contact your lender and see if you can do a loan can also look at a short sale of your home..if its on a foundation on your own land you can talk to a real estate agent about doing a short sale, which takes less of a hit on your credit. Weigh all your options before you throw in the towel.
0 votes Thank Flag Link Sun Jan 3, 2010
What Bill says below is correct. You should really weight out your options. You can check out for information on Idaho foreclosures.

There are options such like a short sale or deed in lieu that will have less impact on your credit if you're not going to be able to keep your home.

You should contact your lender and explain your situation. They are becoming more proactive in addressing these problems.
0 votes Thank Flag Link Sun Jan 3, 2010
Have you considered all of your options.........

These are most difficult times and many people are finding themselves in your situation. Allowing your property to be foreclosed on should be your last consideration.

Our recommendation is to begin by contacting you bank to explain your personal situation. They should be able to provide you with information.

Best wishes,
The Eckler team
0 votes Thank Flag Link Sun Jan 3, 2010
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