This is long but it is my foreclosure story...
Hi, our situation is unique in that we are in a mobile home that we bought in 2006 at 305,000 with a rented space rent of 340.00 a month ( with other adds each month the space rent is @ 750.00) since the housing crash our home can be sold maybe for 75,000 and whom ever moves in will have a starting space rent of 850.00 a month without the extra utilities. no one is buying even the cheapest houses here. we own our own business (plumbing) and the calls have just stopped over the last few months. we were doing ok since we have saved but with taxes and medical bills monthly health insurance ( over 750.00 a month), and no work coming in we are running out of our savings and there has been almost no work the last 2 months and we do not see where there will be more. we have tried to apply to other companies for extra work but it would cost more to work for them at 400 per week. that doesn't even cover food and our sick daughter's medical bills. my husband is having surgery soon and will be out of work altogether for at least month from that. we are putting out home on the market this week at least to get the ball rolling. we have a private lender and have fixed 10 percent interest. we have talked to them and they really aren't going to help us. the most they will rework the loan is to add the total life of the loan and lower the monthly maybe 500.00 per month. right now that doesn't really work and we know that we can't pay even that much. we are ok with letting the house go. we hate that we have built our credit after a bankruptcy 5 years ago and we hate to have to let what we have worked so hard for go but we know that we don't see and end and the prospect of more work. our oldest child is sick and i have to stay home with her so we feel stuck. we can vacate and sell as soon as it is needed, we can live with family. we would like to look into a short sale if we can or a deed in lieu of... these seem like the options that would work. we have always paid our bills and this is the first time we have been unable to pay. we have tried to put our daughter and other children back on state insurance but they don't cover all of her meds anymore. so it ends up being too expensive either way and her care is much better with her new doctor. she is a brittle diabetic and can't even go to school so getting an extra job is out of the question. i know that none of this really matters to the mortgage company and we hate that we can't pay, but any help would be so appreciated. we want to do this the right way and let go of our home. we have had trouble refinancing since it is on rented land and a mobile home. can you help us with a mobile home? should we have it appraised again? our home is in pristine condition. we bought it for 305K and have put in over 20 K when times were better. and our down payment was over 100k at the time and we now owe about 190 K at 10 percent. we are planning to put it up this week for sale. should we put it up for what we bought it for or just what we own and then waste and see and then apply to the lender from there to do a short sale or deed in lieu of if the sale is unsuccessful? the home next door has been for sale for 3 years and has never been lived in. it originally went for 350 K and is now selling for 160 K! and no one is even looking at it. so we really just don't know what to do. again any help would be great.
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