Do I need a real estate attorney to get us out of a mobile home loan?

Fort Worth, TX Viewed 25 times. Posted 2 months ago in Foreclosure

Voluntarily surrender mobile home vs foreclosure. My husband purchased a mobile home almost four years ago for his daughter in Joshua, TX on 1.25 acres. She made one payment of $200.00 towards the first payment. When we married two years ago we had her move out and spent $2,000 on repairs. We have had it on the market for 1.5 years. We listed it for what we owed, Principal balance is $38,612.11. I am 64 and was laid off. He is 74 drawing social security and military retirement. We don't have enough cash to continue on paying for two homes. We have borrowed against credit cards to make the payments but can't continue to do it. - Is this your question? Add additional information

Answers (1)

Andrew Daniel Myers

This attorney is licensed in Massachusetts and 1 other state. Posted 2 months ago.

You need a bankruptcy attorney, not a real estate attorney.

In a bankruptcy, one of your options would in fact be to simply "surrender" the home. The discharge at the end of the case would discharge the debt. In a foreclosure, if there is a "deficiency", in other words if the bank gets less than you owe, they can chase you for that plus their costs and attorneys fees for their trouble.

There is no harm in finding a bankruptcy attorney willing to give you a free consultation just to review the options before you jump into anything.