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What can we do?

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chrisackman Joined: 22 Jul 2010 Posts: 2 1.60 Dollars($)	Posted: Tue Aug 24, 2010 10:22 am    Post subject: What can we do? Like 0 Dislike 0 We have a mortgage on a manufactured home in Nebraska. The loan was for 43,000$ of which we have paid 55,000$ in 11 years and the balance is still 41,000$ We were new to home ownership and didn"t know what we were getting ourselves into. We filed bankruptcy 6 years ago due to medical bills etc... At the time we wanted to keep the house. 5years later it's falling apart and we just want out. The intrest we pay on everything is draining us dry. We don't want to file bankruptcy again. Are we stuck paying 160,000$ for a house that's falling apart and originally cost 43,000$? It is on family land that is not in our name.
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Wed Aug 25, 2010 3:46 am    Post subject: Like 0 Dislike 0 If you want to get rid of the property, then you can contact the lender and apply for a deed in lieu of foreclosure. This will not only help you in getting rid of the property but you won't be liable for paying the balance dues even.

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