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 bidonthisnow
Joined: 22 Jul 2009
Posts: 1
1.00 Dollars($)
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 Posted: Wed Jul 22, 2009 5:29 am Post subject: Manufactured home deed in lieu/foreclosure/ground rent. |
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| We live in a manufactured home community where we pay ground rent. We are current on all payments. We cannot continue to pay for our devalued home and are considering our options. If we stop making our mortgage payments, should we also stop paying our ground rent? |
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smithsussane
Joined: 18 Sep 2008
Posts: 4484
Location: Alaska
435.29 Dollars($)
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| Posted: Thu Jul 23, 2009 9:44 pm Post subject: |
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Hi bidonthisnow!
Welcome to forums!
If you stop paying the ground rent, then the association can place a lien on the property. In that case, you won't be able to sell off the property if you get a buyer. In my opinion, it would be better if you could keep on paying the ground rent.
Sussane |
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gloria luttrell
Guest
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| Posted: Wed Aug 12, 2009 9:39 am Post subject: Deed in lieu of |
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| Can you do a deed in lieu of on a manufactured home? |
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jameshogg
Joined: 20 Dec 2005
Posts: 5167
Location: nevada
645.98 Dollars($)
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| Posted: Wed Aug 12, 2009 9:43 pm Post subject: |
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Hi gloria,
A deed in lieu of foreclosure is possible on manufactured home. If you're unable to pay off the mortgage dues for the manufactured home, then you should inform the lender about your hardship and apply for the deed in lieu. You will also have to list the property for 90 days in the market.
Thanks |
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