Home Selling in Romulus>Question Details

Mrskp930, Home Seller in Romulus, MI

I own a manufactured home in MI and owe $15k more than it’s worth. I have money to pay the difference but not all of it. Can I short sale?

Asked by Mrskp930, Romulus, MI Thu Apr 14, 2011

We're looking to sell our manufactured home in Michigan. We've been told by the local real estate agent in our park that it probably wouldn't sell for what we owe. We currently have some money in savings but not enough to pay the difference. Should we apply our savings to the mortgage before listing? Or could we try to negotiate a short sale with our lender?

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If the home is in a park and you are paying lot rent, then you don't technically have a "mortgage" but rather an installment loan. That is a good thing. DO NOT pay the loan down ahead of time. Contact the lender and let them know you are putting the home for sale and likely will not sell for enough to cover the balance owed. If you have good credit and want to maintain it, you can consider taking out a seperate, unsecured loan to pay the difference or even ask the current lender to offer you an unsecured loan for the difference to release the lien on title.
0 votes Thank Flag Link Thu Apr 14, 2011
So we would have to have "hardship" with our lender to be approved for a short sale? The fact that we're just interested in moving somewhere else but are victims of today's economy would not make us elegible to receive help? Wouldn't it be in their best interest to try and come to an agreement instead of a foreclosure?
0 votes Thank Flag Link Thu Apr 14, 2011
Beside being worth less than your mortagage, what is the "hardship: You say you have cash, and the bank will want to see you not making payments and not having cash before they will approve a short sale

David Cooper Las Vegas foreclosure Investor in Bank Owned REOs +1-7024997037
not a real estate investor
0 votes Thank Flag Link Thu Apr 14, 2011

Definitely contact your lender regarding a short sale. If you don't have enough to pay the difference there is no other way to sell.

Good Luck,

Karen Paytas, GRI, CMS
Real Living Kee Realty
0 votes Thank Flag Link Thu Apr 14, 2011
I would contact the lender for short sale approval. Like any other homeowner of values lower than amount owed.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Thu Apr 14, 2011
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