Any suggestions on what to do with an unwanted house?

I have a doublewide on a 1/2 acre lot. My late husband and I purchased the place in 1997 (he passed away in 2000 and we didn't have credit life). I moved to another state in 2002. I had a renters that I had to evict after not paying their rent for over a year. I had a good renter that wanted to buy, but the sale fell through and she moved out. I've had the house on the market for over 6 months now and no bites. Over the years, I've had about 3 people try to assume the mortgage, but the mortgage company wouldn't let them. My interest rate is horrible. I looked into refinancing, but they consider it an investment property, so it would only save about $100 a month. I really want to get rid of the place, but don't know what to do. I have purchased a new home in the new state I live in and don't really need to refinance it for about 5 years. How badly would it hurt my credit if I let the mortgage company foreclose? My current credit score is close to 800.

It is in Louisiana, 1997, 28x80, in pretty good condition. I owe about $74,000 and am trying to sell it for payoff and closing costs. I believe the lot is worth about $25,000.

You may be able to work out a deal with the mortgage company to take the deed and wipe your mortgage, possibly with a lump sum payment to get right side up. If you have excellent credit, you don't want to let this go to foreclosure. Not only does it hurt your credit, but you still owe any difference between what the bank sells the property for and what you owe. And, it does hurt your credit score, which will eventually hurt your ability to refinance the house you want.

DO NOT let it foreclose!!

consider dropping your price so somone will "bite.."

if not, advertise it as an "assume mortgage" type of deal..

where is the property located and how much are you asking for it??

foreclosure will bite you for about 10 years. Where is this mobile home? What year is it? Number of bed/bath? These make a difference as to why it would not sell. Also mobile homes do not hold value like a regular home. They are treated as a car (from the banks) getting financing can be very tricky with a mobile home. Shoot me an email With the answers to the above questions. If I am close enough there may be options.
Bob Laibach
www.gogreedy.com

I have seen some advertisements of companies that buy houses, one of them is buyuglyhouses .com I think that is the address. good luck

It will ruin your credit. Doublewides are very tricky and have a hard time selling and refiancing. I am assuming that with an 800 score you kept the payments up with the nightmare with renter.

List it with a new agent when it comes time to renew that will buy the property is it doesnt sell.

If you have enough equit, get a second mortgage at alower rate to pay off the double wide then rent it out again, or donate the structure and sell the lot.

If in town or on a main road, sell as commercial property.

I wouldn't dare let them foreclose. You have to do some good advertising, and not just locally. Also, sell it for the amount it would cost to get it paid off not to make a big profit.

There must be something wrong with this picture. Is the home pre-1976? Not on a foundation? Poor condition?

DO NOT let the mortgage company foreclose, you will regret that decision for 10 years, bare minimum.

Ask your realtor about how the house is priced. If you really want to be rid of the property, get it in marketable condition and price it appropriately, someone will bite.

List the house as owner financing. Get 10% down and take a chance. If someone has 10% and not more, they can't buy through a bank (usually). If they pay ten percent (non refundable) down, they, won't refuse to pay. They will assume all repair and maintenance, they will be paying the mortgage, they will be paying the insurance premiums that list your finance company as the lien holder (so if they burn it down, it is paid off). And you get to save your credit, and get rid of a headache. If you can't get 10% down, accept less, but require a co-signer that has assets.

Well. I have a couple of things.

Do NOT foreclose. Your perfect score will NEVER recouperate.

Also, it sounds like you are talking about a mobile home. An old one. It has no value at all. Completely worthless. You MAY get money as scrap metal.

You need to STOP trying to sell the house. Even if someone wanted it they would not get a bank to finance it. That is just the way it is. Mobile homes are personal property, not REAL ESTATE.

However, you do own perfectly good land. Have your agent sell THAT. There is a merket for 1/2 acre, no matter where you are.