Foreclosure in Arizona City>Question Details

jeannejanuzzi, Home Buyer in San Juan Capistrano,...

i live in a manufactured home park- i have been trying to sell my home for the last 5 years. i have a mortgage payment and a land rental payment-

Asked by jeannejanuzzi, San Juan Capistrano, CA Sat Feb 23, 2013

if i choose to walk away from this home- do i still have to pay the land rent??

Help the community by answering this question:

Answers

2
Dear Jeanne:

You would need to read the terms of your land lease for an answer. Ask your Realtor to help you.

Regarding the home, a short sale or deed in lleu of foreclosure are options to consider. first have your Realtor determine the current property value for you.

Jeffrey Masich, Reatlor, GRI, MBA
HomeSmart Realty
Scottsdale
http://JeffMasich.com
JeffMasich@ArizonaHomesLand.com
480-556-0940
1 vote Thank Flag Link Sat Feb 23, 2013
Land Rent: The terms of your land lease agreement will show you your options. You do not want to walk away and then the manufactured home park chases you down and carries you to court.

Home Sale: If you have listed the property with a real estate agent and it has not sold in 5 years then you price is just too high. If the market value is higher than your mortgage, go talk to your lender and see if you qualify for a mortgage relief program. The Obama administration has setup some federal programs that can erase the difference between what you owe and the market value.

Another option is to discuss a short sale with your lender. A short sale grants forgiveness on the excess debt not covered by the sales price.

Another option is to sell the home for whatever you can get and payoff the remaining portion of the loan. It will be cheaper for you (since you move and do not pay lot rent). Plus it will not affect your credit score like a foreclosure.
0 votes Thank Flag Link Sun Feb 24, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer