Preparing to Walk. Manufactured home in Park, in Oregon

mickth

LoanSafe Member
Jun 10, 2013
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Hi Everyone,
I'm not sure if this is the right section to post in, so please feel free to tell me if I should ask one of the mods to move the post. We purchased a new manufactured home in 1997. The dealer we bought it from broke several promises as to what they would after the sale, but that was our fault for believing them I guess. Our biggest mistake was buying a new house, and moving it into the park. We had to pay for the “Park Pack†which included paying for the sidewalk, driveway, decks etc. This added $15,000 to what was already a mistake. We liked the house, just not the value it lost over the next several years. We noticed right away that people were moving in, and then one day they were gone. One of the common promotions from the dealers was to pay for the space rent for the first year. Most people couldn’t afford the $400 a month once it was due, so they would leave.
We have 5 kids, in a 4 bedroom 2 bath house. It was ok when they were little, but when they become teenagers, they need space and privacy. So in 2010 we started looking into selling the house. The problem is, we still owed $45,000 on it, when comparable homes in the park were selling for about $25,000. It’s assessed value is $30,000. We went ahead and bought a stick built house and rented to my daughter and 2 of her friends. After about a year, her friendships dissolved, and we ended up needing to move into the stick built house.
We’ve been paying rent space $400 and house payment $400 for the last year, while the house is on the market, and nobody wants it. We painted the exterior, started replacing doors/trim/flooring to help it sell. The two people we had show interest in it, can’t get the loan. Most of the other houses for sale in the park, are park owned homes. They offer in-house financing. I tried to talk to the park owner about buying ours, but he would only offer about half of what we owe. We are thinking of walking away, instead of trying for a short sale. My specific questions are this:


  1. What do I do specifically to let the Mortgage company (Greentree) know we are walking away? Our next house payment is due June 25[SUP]th[/SUP], and that is the payment we plan not to pay.
  2. In Oregon, Would it be a foreclosure? Or a repossession, since it is a house on rented space.
  3. During the time that the house is still in our name, I believe we need to still make rent payments to the park. At what point can I stop making payments to the park? What process transfers our name off of the title, to someone else?

Sincerely,
Depressed in Oregon
 

OverandDone

LoanSafe Member
Sep 2, 2011
785
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Have you checked your loan paperwork to see how it addresses non payment and repossession and foreclosure?
 

mickth

LoanSafe Member
Jun 10, 2013
3
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0
OverandDone: We actually can't find the original loan paperwork. I contacted Greentree in May to have them send me new copies of the loan, but they haven't sent anything. It is the original loan (well, we haven't re-financed). So, it's my understanding the the original mortgage would be a non-judicial? But, I could be confused with something else. I've been reading so many things lately.

Jeffrey: I would love to rent it out, but the lease rental agreement I have with the park, forbids sub-renting it out.