- October 25, 2023
- Posted by: legaleseblogger
- Category: Related News
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Title: Concerns Arising from a Failed Mobile Home Sale and Escalating Expenses: Seeking Solutions with AI Legalese Decoder
Introduction:
In 2019, finding ourselves unable to afford rent anywhere else, my wife and I made the decision to purchase a mobile home. With a monthly payment of $800, it seemed like a viable solution at that time. However, as circumstances changed, we later decided to upgrade and purchase a house in late 2022. Despite having good raises and believing we could comfortably manage the increased monthly payment of $1600, an unforeseen setback occurred during this transition. Our potential buyer for the mobile home unexpectedly backed out on the very day we completed the paperwork for the new house. The situation has left us in a challenging predicament, as we have been struggling to make ends meet while facing rising taxes. Moreover, our attempts to sell the mobile home have been futile due to various reasons, including the fact that it lacks land and offers from potential buyers fall significantly short of the remaining balance. Additionally, the mobile home is situated on my parents’ property, adding further complications. As we face these complex issues, the utilization of AI Legalese Decoder may provide crucial assistance in navigating through our current predicament.
Failed Mobile Home Sale and Lingering Financial Burden:
Despite embarking on the decision to upgrade to a house, the unexpected withdrawal of our mobile home buyer has plunged us into an ongoing struggle. With only $3,000 paid off out of the initial $78,000 financing, the remaining balance looms as a significant financial burden. Our efforts to locate a buyer to relieve us of this debt have proven to be fruitless so far. Prospective buyers are deterred by the absence of land accompanying the mobile home or are offering a mere fraction of the outstanding debt. This leaves us in a state of desperation, as we are unable to secure a personal loan to cover the remaining balance.
AI Legalese Decoder: Assisting in Understanding and Dealing with Legal Complexities
In the face of mounting obstacles, an invaluable resource that can alleviate some of our challenges is the AI Legalese Decoder. This advanced software employs artificial intelligence algorithms to decipher complex legal jargon, ensuring that we fully comprehend the intricacies of our situation. By streamlining and simplifying legal terminology, the AI Legalese Decoder will empower us to navigate any legal documents and agreements associated with the mobile home purchase, financing, and potential sale. This technology eliminates ambiguity, enabling us to better assess our rights, obligations, and possible recourse.
Confronting Restricted Possibilities:
Another issue that greatly amplifies our predicament is the impossibility of renting out the mobile home due to my parents’ unwillingness to allow it. Consequently, we are left with limited options. Relocating the mobile home is financially unfeasible, and we cannot afford to bear the additional costs associated with such a move. Therefore, the AI Legalese Decoder can play a pivotal role in deciphering any contractual agreements with my parents, illuminating potential solutions or negotiating strategies that we may not have considered.
Finding a Way Forward:
As we grapple with the dire circumstances we find ourselves in, it is essential to explore alternative avenues for relief. Engaging with professionals well-versed in mobile home transactions, such as real estate agents specializing in manufactured homes or legal experts, could greatly enhance our chances of finding a suitable buyer or negotiating an agreeable resolution. By utilizing AI Legalese Decoder in collaboration with these experts, we can ensure comprehensive comprehension of the legalities surrounding our situation, making informed decisions and pursuing proactively actionable steps.
Conclusion:
The failed sale of our mobile home, combined with escalating taxes and financial constraints, has necessitated urgent action. Despite the challenges we face, the deployment of AI Legalese Decoder offers a glimmer of hope by simplifying complex legal language and providing clarity in understanding our rights and potential paths forward. To find a suitable resolution to our mobile home burden, we must leverage the power of this innovative technology in tandem with professional expertise and explore all available avenues for relief.
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Title: AI Legalese Decoder: Simplifying Legal Documents for Everyone
Introduction:
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****** just grabbed a
Can you live in the mobile home and rent the house?
You have a $75k mobile home that sits on your parents’ land. You cannot afford to move it. You cannot afford to sell it at a loss. And because prospective buyers need to move it, they will only offer you a fraction of what you owe. And you cannot afford to pay for this mobile home along with your house. Is that about right?
Sounds like your best options at the moment are to move back into the mobile home and rent out or sell your house. That seems to be the only thing in all of this that you do have control over.
At 14% interest on the mobile home, consider selling it for a “loss”. Count how much you’ve spent on it since you bought it, and how much of it has gone to interest vs equity. A mobile home is a depreciating asset isn’t it?
You’re spending something like $11k/year on interest. Even selling at a loss, you’ll be “breaking even” by not spending more on interest in just a few years.
If you can sell for a reasonable fraction of your purchase price, then keep up payments for a couple years (overpaying by as much as you can), you can have the mobile home purchase behind you entirely. See if you can refinance the mobile home loan, to a lower rate, or if you can pay it off with a HELOC.
Basically anything to rid yourself of the mobile home as fast as possible, and reduce the amount you owe and the interest rate that you owe on it.
Can you rent your house?
Look into your options with regards to a strategic default on your mobile home.
By that, I mean, find out exactly what happens if you call the bank, say “I’m done, mobile home’s your problem now” and walk away from it.
If you can end up just losing the $3k you’ve paid into the mobile home and taking a hit on your credit, you’ll have gotten off cheap. Even a bankruptcy might be worth considering.
You may need to talk to a local bankruptcy attorney to discuss your options.
House goes up for rent and you move into the mobile home. Only option you really have unless you pay off the mobile home early
Call the bank and tell them you are selling the mobile home at a loss. They can organize a short sale.
In 4 years you only paid off 3k?
Can you move the mobile home to your new property, and then rent out the mobile home?
Will your parents subdivide their land to give you one acre for the mobile home, sell it, then reimburse them for the 1 acre?
Can you break down your expenses, because itÔÇÖs not making much sense if you make $150k. That should be over 8k a month or more.
Even if you are spending 4k a month for the two houses, where is the rest going? Daycare is probably 1-2k or if, but you all should be able to get by on 2-3k a month for non-housing expenses if you budget.
Also, what is your credit score right now? You mention you canÔÇÖt even get a 10k personal loan. What different banks and lenders have you talked to? Unless your credit is completely trashed, no lender would turn down a 10k personal loan if you are already able to make payments on an 80k one at 14% that would be going away.
If you want better answers here, you need more info about the whys of your situation.
You have an 8 month old at 22 years old and have two homes you canÔÇÖt afford, because I honestly think it was insane buying a house at that age and in your situation, but it is what it is. If you live in an area where you can buy a house for 300k (pretty low cost of living) and youÔÇÖre making 150k a year combined thatÔÇÖs pretty good pay for where you live. Are there other sources of spending you can look at while you try to sell the mobile home?
I would definitely figure out the least-bad way to get out from under the mobile home. ItÔÇÖs a bad asset. YouÔÇÖre paying $800/mo on something thatÔÇÖs probably losing another $500/mo in value. If you can come up with the cash to move it, then put it somewhere you can sell it, and get rid of it for whatever someone will pay. Or, as someone else pointed out, consider a strategic default. At that interest rate, youÔÇÖll end up paying twice that much money over its life, money down the rathole.
>78000 that we financed for the mobile home,
please tell me that this is the Taj Mahal of Mobile Homes^(tm)
Could you sue the buyers for breach of contract?
Declare Chapter 7 bankruptcy and you will be able to keep your site-built home as long as you have less than $70k equity in it. If you have more than that, declare chapter 13 and you will get an affordable payment and able to keep your site-built home as well. The mobile home will be sold. Each person keeps their primary vehicle. ItÔÇÖs a good idea in your case. Your credit will recover in a couple years time. Best of luck.
The 14% interest rate on a depreciating asset is nuts.
You should consult with a bankruptcy attorney and consider a strategic default on the mobile home.
You’ll want to discuss with the attorney to understand whether there are risks to your house or mortgage if you default on the mobile home loan. If not then you should go for it.
Since you already have another home and mortgage it’s better to take a hit to your credit then to keep paying that crazy interest rate on a very underwater loan. I’m shocked a bank lent you that money. Make it their problem.
Careful on renting, some loans require primary occupancy and/or no subletting. Particularly loans aimed at first time mortgages may have them.
So you would only be out 3000 to walk away from the mobile.home just walk away from it.
Totally not worth worrying about let the bank take it
Hopefully the mortgage on the house is not higher than what you can rent it out for. See if your parents are willing to get creative.
Unless youÔÇÖre willing and able to take a loss on the mobile home, sounds like you need to move back into it and sell/rent the SFH
Can you live in the mobile home and rent out the house to make the payment??
Keep the mobile home listed for sale.
A lot of people just telling you to rent the house out, which can be a good option. But without checking with the house’s mortgage lender and the mortgage agreement to see what steps you would need to take and if it’s allowed first, you could be committing occupancy fraud. So check all that out first.
Rent the house and live in the trailer?
Rent out house for now, save money for land, move mobile home onto land, rent out mobile, then move back to house? Probably will just take a few years to manage it all.
If that will work at depends a lot on land prices but if your mortgage is only $1600 a month you seem to live where property would be cheap.
Mobile homes should have more regulation on things like this. They are a money pit 99% of the time and a depreciating asset 100% of the time. UGH.
I would recommend talking to an owner of a mobile home park and see if they want to help you move it and rent it to some of his perspective clients…
*Except
3k paid on a 14% loan… Try as hard as you can to bail on that predator. Do t live with it any longer than you have to. You did great staying afloat carrying it, now you deserve to live in a house that should appreciate.
I agree, move back to the mobile home, rent out the house.
DonÔÇÖt sell your house.
How are you trying to sell the mobile home? Do you have an agent? If so, get a new one who is motivated to sell it. If you donÔÇÖt have one, get one.
Your house will appreciate in value and your mobile home will depreciate in value.
Do you have an extra room you can rent? Two rooms? If so, get a roommate or two.
Can you offer your family some of the profit if they let you rent it? If they still donÔÇÖt like the idea, can you move it to your house and rent it? A friends property?
I think the real questions here is how much do you like the new home and how emotionally draining was it to live by your parents? Also how much equity has been built up on the new home since you bought it? with surging home values it might be significant. I know our home and neighbors went up 30% since 2019. If you don’t want to file bankruptcy, maybe a home equity line will cover your loss on selling the trailer??
There is a huge value to being happy and not arguing with parents. You make an awesome income. Could you make some spending sacrifices to make up the difference you need from wants not needs? Maybe prepare more foods at home? I hope you can find a way to make the new home work so you can enjoy your independence. 🙂
Was going to get a mobile home, we were ready to make an offer
At last minute we had a change of heart
Glad we didnÔÇÖt get one
I see a lot of people recommending renting your house. I’m gonna give my 2 two cents on that. Everybody treats renting property like it’s a never ending free money printer. These people don’t understand how the world works. They think, “oh that won’t happen to me, I’ll just call the cops and forcibly remove the squatters.” It does not work like that, and not even close. Know your renter laws, some states favor landlords, some states favor tenants. The states that favor tenants will absolutely shock you at their leniency and you are expected to just eat the losses.
Eviction processes take time and can become costly. Not only do you lose rent from having your tenants not pay rent, but you have to pay the court fees. Even if you background check your tenants thoroughly, it’s still a risk that someone living paycheck to paycheck should consider very carefully. Best case scenario you get a good tenant who pays on time and respects your property and stays for 3+ years. Worst case you get a tenant who decides to stop paying rent three months in and causes thousands of dollars of damage to your property, which must be repaired before renting the property again, while you are stuck in a six month legal circus of eviction proceedings.
Renting is a good idea, all I’m saying is be careful and know what you are getting into. Be prepared for a worst case scenario so you don’t worsen the situation you are already in.
Rent out your house and live in the mobile home, sell your home and live in the mobile home, take the hit and reduce the mobile home price by however much it costs to move it to the buyers land.
You have to move back into the trailer and rent out your primary residence in this case.
Why can’t you afford to move it? Have the buyer take the moving fee out of the selling price?
Short term your only option is to get 2nd jobs. You have to stop the bleeding.
Long term: put the house on the market or rent it out.
14% on the mobile home and you have a low interest loan on your primary you are nearly judgement proof, if you tell the bank to eat the mobile home as a short sale, they might be able to send you to collections for the remainder, but you could walk it off in bankruptcy….
you should approach whoever the mobile home financier and act real dumb about not being able to pay and see why options they can give.
You are in a pickle.
If you can’t do anything on the debt side, do something on the income side.
Can you get a side hustle? Can you negotiate a raise? I’d ask your wife the same thing. Keep it listed, shore up any leaks in your budget. Eventually, someone will buy.
I know it’s lame, but this too will pass. You tried to better your situation and it didn’t work out, yet. Don’t give up. You’ll get it sorted out.
I’d cut your losses and take the best offer you can get. Mobile homes are hard to sell because now lot rent is so expensive and most people can’t afford to move it either, at least not at full price.
If you like the house, one option would be to rent a single room. If you’re paying $1,600 on the mortgage and rents are high in your area, it’s not unheard of to get $500-800 depending on what you can offer a prospective tenant.
It’s not the most comfortable option sure, and maybe you move out of the master to facilitate the extra $$, but it could be an option.
Honestly if youÔÇÖve already got a house take a hit and tell the bank to come repo the mobile home. ItÔÇÖll take 5-7 years to drop off your credit so as long as youÔÇÖre happy with your house for that long and wonÔÇÖt need/try to buy another in that time it wonÔÇÖt matter too much.
You didnÔÇÖt mention if thereÔÇÖs any equity in the house you bought. IÔÇÖm guessing probably not, but that would be important to know.
You canÔÇÖt go back in time, and from what you say, you have a $75,000 loan balance on a mobile home thatÔÇÖs worth $37,500.
I like the suggestion from others about temporarily renting out the house and living in the mobile home, but you should do some math and figure out how long they will last.
No matter what, you need to find $37,500 somewhere to get away from the mobile home. How long will that take?
If you could do it in a year.renting out the new house, living in the mobile home, working extra hours, trying to increase your income maybe by getting new jobs, selling other assets (cars?), it would start to make sense.
If you canÔÇÖt do it in a year, then IÔÇÖd say thereÔÇÖs not much other choice but to sell the house, go back to the mobile home, and keep paying it down until you can break even, then save for down payment for a house, then sell the mobile home.