Expert: Dottie Worthington - 11/2/2007

Question
I purchased my mobile home when in 1999 when I was 19 with my Dad as a co-signer.  I still owe twice what it is worth.  I am now living here with my husband and 3 kids.  We are out growing the trailer and can't get out from underneath it.  I would consider filing bankruptcy but I can't ruin my dads credit.  My husband and I want to buy a house and start a new life but we will never be able to sell the trailer for what it is worth. Please give me some advice on how to get out of here!!!!

Answer
Sarah:
That is the same trap so many people fall into when buying a mobile. I don't know how they have your fianncing set up or if you own the land, but I would contact the lien holder and try to work out a buyout. Sell it for what you can and go on down the road.