Mobile Home Selling Tip: How To Sell A Mobile Home With A Mortgage
So you’re looking to sell that mobile home of yours but there’s a snag: you still owe money on that mortgage loan. The bank isn’t satisfied yet and you have years of payments ahead of you. What do you do? Is it a hopeless case? Are you stuck with that home for the next fifteen to thirty years?
Don’t worry — we’ll teach you how to sell a mobile home with a mortgage. It can happen, but you just need to weigh some different options to see which way you’d like to tackle this.
Being free from your home to pursue other life changes is only a bit knowledge away — knowledge that will empower you to take action.
Now let’s get to the key points on how to sell a mobile home with a mortgage. It’s going to take some extra research on your part, but through this article, you’ll be well on your way. We’ll show you how to go about it.
There are three ways to sell a mobile home with a mortgage
In a nutshell, there are three ways to go about selling a mobile home with a mortgage: a mobile home short sale, selling the home at a price that would cover what’s left of the mortgage, or selling it below what’s left of the mortgage (but there’s a catch on this last one.)
1 – See about setting up a short sale for your mobile home
To be clear, it’s not the best way to go about getting yourself out of a mortgage. But in a pinch, it is an option. It’s definitely better than accepting a foreclosure. If you were to accept a foreclosure, you could count on damaging your credit, making a loan practically impossible in the future (at least for a time).
In a short sale, you’ll have a chance to redeem yourself in the eyes of your lenders and bank. Although they’ll get less than what you owe them, most lenders would much rather abandon the prospect of foreclosure in favor of coming to a deal on a short sale. This is because a foreclosure would end up being a costlier route on the part of the lender.
A short sale consists of you selling the home at a significantly reduced price in order to help the lender recoup some of their losses.
2 – Sell your home at a price that will cover the mortgage
Some mobile home owners may be able to swing this. The second point in how to sell a mobile home with a mortgage is simply that of selling at a price that covers what you owe on the mortgage.
How to sell a mobile home with a mortgage
3 – Sell it below the mortgage bill, cover the cost of what’s left
Another alternative is to sell your home below what the mortgage requires of you. But you’ll have to cover the cost of what’s left of the mortgage payment. The leftovers on the payment will have to come out of your own pocket. Are you prepared to handle that?
Pay off the mortgage
There are methods that might enable you to pay off the mortgage in a speedy manner. (Of course, speed is relative. If you need your mobile home sold now, then you may disregard this section.)
Financial guru, Dave Ramsey has 7 easy ways to pay off your mortgage. There’s no mistake if freedom from your mortgage is what’s driving you to sell, there are ways to expedite the process to financial freedom. Your mortgage could be knocked out in half the time or more. Before you know it, the house will be all yours. You could even turn around and use the home as a rental or rent out your guest room with Airbnb.
Of course, this is contingent on what your priorities and direction are in life. It’s really up to you to decide. Some of you reading this may have no choice but to sell if you have to relocate to a new area.
Take charge of your mortgage
Whatever you end up doing, we trust you’ll be able to get on with your life and put the mortgage behind you. Knowing how to sell a mobile home with a mortgage should be the start of reaching that goal.
As an added note, should you choose the option of selling your home at a price that will cover the cost of the mortgage, then consider increasing that mobile home curb appeal and taking steps to spruce it up on the inside. Check with an appraiser to see what your home is valued at and how that value could be increased.