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I have a manufactured home that I have a 30 year mortgage on. I pay lot rent so I do not own the land. In these bad economic times, especially here in Michigan they are NOT selling.. a lot of the lots are empty, and the rest are not selling.

Now we have had an issue where the people are not paying the lot rents and putting them in escrow due to a problem with a $34 hike a month in lot rent and bad sewer smell and other issues. We were just on the tv news and front page of the paper. With all this going on there is no way to sell my place to get out of there.

How can I just let it go so I can get out of there to get in a house or god forbid in an apartment. Should I just let the bank take it??

Niicss · Posted: Thu Feb 25, 2010 2:55 am Post subject:

If you walkaway from the property and stop payments, the lender would foreclose it to recover the dues. This will not only affect your credit score but you would be liable for the deficient balance. You can speak to your lender about a deed in lieu of foreclosure. Though this would affect your credit score, your deficient balance would be forgiven by the lender.

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Manufactured Home in a park with lot rent