Expert: Dick Dennis - 10/26/2010

Question
Hello. My name is Lakeisha Brandon and I have a question. I am in a real bind. I have a mobile home which I have had for 12 years and I am renting it to my sister. Well she has gotten behind on it and me and my husband have did what we could to try and catch up on payments. I am really wanting to get out of this home as it is causing me more problems. My question is how can I go about selling it or getting someone to take over the loan. I spoke with the mobile home park and they said they could not buy it cause it would cost too much. What do I do? I was thinking of letting it go back to the lender, but it would go on my credit. Im just stuck and me and my husband don't know what to do. He has had to basically take money that we could have used for ourselves to try and correct this problem. I would appreciate some kind of help. Thank you for your time.

Answer
What you need to do, Lakeisha, is to find a Realtor who has lots of experience with mobile homes and is willing to expend a lot of time in finding a buyer for your mobile home or someone who is willing to take over the loan . . . unless the loan represents more than what the mobile home is valued. That's where that good Realtor comes in.

As long as your payments have lagged behind, it will indeed affect your credit. That goes for the rent in the park, too. Falling behind in payments is a common headache these days and trying to find someone to take over your payments as well. People are out of work and cannot afford payments or, in your case, payments AND rent. They are finding homes or apartments to rent for less.

Since I cannot know where you are located or the status of the mobile home market, that is why I strongly suggest you get that local Realtor to help you in this matter. I do wish you well.

Dick Dennis
dixiedee13@aol.com