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mrsveitch · Joined: 04 Dec 2009 Posts: 1 1.00 Dollars($)

Me and my husband purchased a mobile home two years ago. We have since had two children and need more room. It is near impossible to seel our place at the time but we need out badly. Renting it out isn't an option at this point because we can't take the chance of eventually being stuck with two house payments. My mother in law has a house we could buy but we need out of this first. could she possilby trade with us? If anyone could please help me let me know.

jameshogg · Posted: Fri Dec 04, 2009 8:23 pm Post subject:

Hi mrsveitch,

You can definitely buy out your mother in law and get the property transferred in your name. However, if you want to take a loan, then it can get difficult for you. As you already have a mortgage in your name, I don't think lenders would be ready to give you another loan for a new property. You'll have to sell off your earlier property first and then look out for another loan.

You can apply for a deed in lieu of foreclosure with your lender. However, if your deed in lieu goes through, your credit score will get lowered by 250 points and you won't be able to apply for a loan in the next 3-4 years.

Thanks

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how can we get out from under our house?