What to do if I’m upside down in my mobile home on rented land?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

What to do if I’m upside down in my mobile home on rented land?

I’m upside down in the mobile home I own I on rented land in a mobile home park. Been trying to sell for 6 months but no one will pay the owed $27,700 that is owned; it is worth $10,000 – $14,000. The lending company will not accept short. I can’t rent it out because the park owner won’t allow it. The home is vacant so I don’t need it for shelter. Just bought my first home 6 months ago. I’m currently running out of money and options. What else can I do besides a voluntary repossession?

Asked on November 28, 2011 under Real Estate Law, North Carolina


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You don't have much in the way of options:

1) You can't make the lender accept a short sale.

2) You can't force the lender to accept the home back--or rather, you can't get them to accept the home in satisfaction of your debt unless they choose to. So if they want, they can repossess the home once you are in default, then sue you for the balance owed.

3) Even after the home is repossessed, depending on the terms of your rental agreement, you may still owe rent on it.

First, check your lease, park rules, etc.--if they do not specifically prevent rentals of homes, or give the park owner the right to bar rentals at the owner's option, you may be able to rent the home out, even if it makes the owner unhappy.

If that doesn't work, you should consult with a bankruptcy attorney--you may need to consider bankruptcy as an option, especially since you have already bought a new home (i.e. it won't prevent you from buying a home).

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption