Does anyone have any knowledge of Greenpoint Credit foreclosing on a manufactured home and getting a judgment against the homeowner? I live in Texas and am anticipating my MH being foreclosed on. I would like to know what to expect. Will they take the 10% down payment, the 4 years of payments I have made at a high interest rate, and what they can sell the house for and leave it at that or will they pursue it further in court?
how far behind are you on payments? i know they are really good about giving extensions on loans. the chance of them trying for a judgement depends on how much deficiency there is and how you go about paying on that.
We are not behind yet but we've tried to sell or rent the house but with the house payment and lot rent, people can afford a site built house for the same monthly payment. We have been approved for a new home and with interest rates going up, it's now or never for us to buy. Our new home will only cost us 150.00 more a month than the MH and lot rent. MH dealers are misleading when you buy, insisting that MHs no longer depreciate like days of old but that isn't true and it's only "loan valued" at 38,400 and we still owe 70.000. We are fully expecting the park we are in to go bankrupt soon because so many people have simply abandoned their homes and no new people are moving in. If that happens we would have to move the house and that is a big expense.
I have purchased repo mobil homes in the past and i've have dealt with greenpoint. If you owe 70k on the house and they repo it and sell it at wholesale to a dealer I bet it would sell for 16-19k, (w/o land). Maybe worth 26k with land. The difference is what greenpoint would come after you for, 70k-19k= 51k I'm sure they would put a judgement for that amount on you. If you like i can talk to the local GreenPoint office and find out what you can expect. Lucas
ANYBODY ELSE BESIDES ME SEE WHAT'S WRONG WITH THIS PICTURE? ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
? I live in Texas and am anticipating my MH being foreclosed on. conner ===================== Why are you anticipating the MH being foreclosed on.?????????
we've tried to sell or rent the house but with the house payment and lot rent, 1*people can afford a site built house for the same monthly payment. Our new home will only cost us 150.00 more a month than the MH and lot rent. conner =============== 1*Couldn't prove it by you could they?
Originally posted by jenz LOL lbrown! am i rubbing off on you?!?!?! -------------------------------------------------------------------------------- Keep tuned to my post on this thread to see where I'm coming from.
I'm just curious as to the effect on our credit if we have to let it go such as how long it would stay on our credit report and the odds we would get sued and get a judgment against us. conner ================= The same thing will happen here that will happen when you walk away from the stick built because you've tired of it. They will foreclose and get a judgment. The foreclosure will report for 7 years and the judgment for 10 years to a life time. As if that's not bad enough the lender on the stick built will probably accelerate their loan and foreclose on that home when they find out that you skipped out on your present loan then you will have another foreclosure and judgment added to your credit reports. Now here you are with 2 foreclosures and 2 judgments and homeless. Sounds like a deal don't it??? I just don't get your logic in thinking that the MH housing industry should give you a free home while at the same time you're willing to pay the stick built industry 150 bucks more a month for theirs.
You could always pray for a tornado or huriccane which ever you get in texas. Just when you do that pary no one gets hurt. then the insurance will take care of everything and you will be in your new home d please dont think that I am suggusting that you do anything illegal to get out of your house or anything...from what I read you are pretty much screwed and unless you can find someone willing to pay that much for you hm then it would take an act of god so that you would be able to get out of it.
That's true, no wage garnishment here. We would never do anything to the house to harm it. Our situation is, we were mislead by the dealer when we bought (flat out lied to in fact). We can't sell, can't refinance to get a better rate even though our credit is great. No one in Texas wants to have anything to do with financing MHs. The few chattle lenders we found have requirements such as 10% down and a minimum FICO of 640. Come on, why would anyone with that buy a second-hand MH home from us when they could buy a new site built house? We have paid over 40.000 on this house (more than it's worth at this point). Our lot rent has gone from approximately 100.00 a month to over 400.00 in 4 years. They are pricing almost everyone out of this park and other parks are following suit. What do they expect people to do? I don't feel good about letting anyone else get trapped in this situation anyway. The MH industry needs to be held to some kind of accountability for the way they do business. I don't agree that our new mortgage company would foreclose on us because of this. They only care about getting their payment on time and they will. Go ahead Lbrown, attack again, you can't make me feel any worse about this than I already do, but I'm sure you will try. I don't know what your occupation is, but I could venture a guess.
I don't know what your occupation is, but I could venture a guess. conner ============= And your guess is ???????????????????? ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
