Millions of Americans are currently living in mobile homes. In fact, an average of eight percent of all residents in each state currently own a mobile home. Though they are a common piece of property, many want or need to move on to something else. But if you have a mortgage, is it possible to sell? Read on to learn about your options and how to sell a mobile home with a mortgage!
Reasons to Sell A Mobile Home with A Mortgage
There are many reasons why you may be considering selling a mobile home with a mortgage, including:
- Going through a divorce and need to sell
- Illness or excessive medical bills
- Loss of job or income
- The mobile home requires costly repairs
- Relocating for work or family
- The mobile home has fallen into negative equity
Can I Sell A Mobile Home with A Mortgage?
So, can you sell a mobile home while it still has a mortgage?
The answer is yes!
In many ways, it’s no different than selling a traditional home with a mortgage. However, just because it’s possible to sell a mobile home with a mortgage doesn’t mean it’s always easy, and all liens, loans or mortgages must be paid off before the title is transferred over to the next owner.
Meanwhile as we’ll explain below, there are also other alternative paths you can take depending on your situation.
Your Options With A Mobile Home with A Mortgage
If you have a mortgage on a mobile home you no longer want, here are your options:
- Stay Put
Though you may want to sell your mobile home with a mortgage, sometimes the best option is for you to stay put. If you are underwater in the mobile home, there’s always the chance it could increase in value over time.
Staying in the home is also a good option for those who don’t need to relocate, are stable financially, and are not delinquent in mortgage payments or facing the threat of foreclosure.
- Rent It Out
If you would like to try to recoup some of your losses without giving up the property altogether, you can rent it out. The tenant would pay monthly rent while staying in your home, which can then be applied to paying down the cost of the mortgage. You can also live somewhere for a cheaper monthly rate while the home is being rented.
However, there are many potential problems that come with becoming a landlord. Vetting potential tenants is a daunting, time-consuming and potentially costly process. And once in the home, you are financially responsible for any minor or major repairs that need to be made while it’s being rented.
- Sell the Mobile Home for As Much As Possible
If the aforementioned options aren’t possible or appealing, you can always sell the mobile home. Ideally, you could list the home and attempt to get what you owe (or more) on it. But the likelihood of this happening, especially if you’re upside down, is exceptionally low.
The next option is to set a lower asking price and make up the rest of the difference with your own money. If you bought the mobile home for $100,000 but can now only get $80,000 for it, you can pay off the rest of the loan or mortgage on your own.
You can pay off the difference on the mortgage right away if you have the cash on hand. You could also take out a loan for less money with a lower interest rate than the mortgage.
Obviously, this is not a great option for everyone, but it is possible if you have the capital or can get a loan and are desperate to get out of the property.
- Short Sale
Another avenue you can take is a short sale. In order to trigger the short-sale process, the owner must be upside down on the mortgage. Next, the owner must put together a short-sale package. This package consists over several documents, typically including a hardship letter, a financial statement or RMA, W-2s, tax returns, paystubs and more. You must then put together a short sale offer and submit it to a bank.
It’s important to note that short sales may or may not be approved by your lender. Even if approved, a short sale can take a very long time to complete. Meanwhile, your credit score will also be negatively impacted by going this route.
Sell A Mobile Home FAST with Highest Cash Offer!
If you’re in a situation where you need to get out of your property FAST, you can sell a mobile home with Highest Cash Offer!
We’ll look at your mobile home and give you a FAST CASH OFFER!
And what’s more, there are NO REPAIRS to make, NO REAL ESTATE AGENTS to hire, and NO LISTINGS to create!
To get a FREE, NO OBLIGATION offer on your mobile home with a mortgage, call us now at (888) 387-5750 or click the offer button below!