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will the bank take back my mobile home

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corjarsmom Joined: 05 Feb 2011 Posts: 1 1.28 Dollars($)	Posted: Sat Feb 05, 2011 12:54 pm    Post subject: will the bank take back my mobile home Like 0 Dislike 0 I have a loan with M & T bank for my mobile home. The loan has defaulted. I am trying to figure out what the bank will do next. To be honest I don't want the mobile home but I am trying to figure out what solution will be the least damaging to my credit. I live in PA
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Feb 07, 2011 2:56 am    Post subject: Like 0 Dislike 0 The lender will foreclose the property in order to recover his dues. However, you can apply for a deed in lieu of foreclosure in order to get rid of the property and you won't have to pay any deficient balance to the lender. However, it will reduce your credit scores by 250 points. _________________ Good is the Enemy of Great.

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