Is there a difference with walking away from a mobile home mortgage vs a standard home mortgage?

Asked by Brandon, 92313 Fri Jun 25, 2010

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6
Ruth and Per…, Agent, Los Gatos, CA
Sun Apr 27, 2014
Hi Brandon thanks for your question.

A mortgage or a loan is the same, whether for a Mobile home or a Town home or single family home.

Good luck.

Perry
Web Reference:  http://www.ruthandperry.com
0 votes
Noah Seidenb…, Agent, Evanston, IL
Sun Apr 27, 2014
No Brandon a mortgage is a loan and they are both the same. Your credit can be repaired and you can buy another home again someday but a credit repair specialist to work with you.
Good luck
0 votes
aftervince19…, , Greenville, NC
Sun Apr 27, 2014
Don't let a foreclosure stop you from buying a new home. See Comstock if you have a buyer in need. They have a flexible credit loan. This program assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.


http://www.thinkcomstock.com/buy-after-foreclosure
0 votes
Patti Kane, Home Buyer, Boulder, CO
Sun May 19, 2013
I had a short sale last year and my Realtor recommend http://www.cfs-mortgage.com/flex for a home loan. I am very happy to be able to purchase again.
CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
0 votes
Bob Movin-On, , Hartford, CT
Sat Jun 26, 2010
There is no difference, it shows on your credit report as a foreclosure. Be ware as of Wednesday 6/23/2010 Fannie Mae has changes how foreclosures affect your ability to obtain a mortgage after foreclosure and they address walk aways. Basically a walk away will be treated as the worst type of derogatory credit carrying a 7 year "waiting period" with no exemptions. They did reduce the waiting period for deed-in-lieu-of and set an equal standard on short sale encouraging troubled mortgage holders to work with their lenders. Troubled mortgage holders providing proof they tried some type of work out will have the ability to obtain a mortgage after foreclosure, short sale, deed-in-lieu-of in a much shorter period of time.
Call your bank start a work out you do not want to destroy your life!

Good Luck
Bob Patrick
Buy a home after foreclosure expert
0 votes
Erik, , Apple Valley, CA
Sat Jun 26, 2010
Interesting question.

1. I qualified some folks that owned a mobile home. It was not considered a home and they qualified for 1st time buyer, even though they had the mobile home.

2. Not sure if it hits you as hard as losing a home, but it will still show up as a repo, which will prevent you from qualifying. A - having the repo hurts your credit. B - if you have a "remaining balance" after the repo, in other words if you owe $10K, they sell it for $4K, then you will still owe $6K to them on top of having the repo on your credit. So both the repo as well as the amount owed will affect your credit.

As much as losing a home? No. But it will still prevent you from buying a home anytime soon.
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