Underwater loan

starduster67 wrote:
I thank you all for your responses. All were pretty much what I already knew but it never hurts to ask. I will never give up my house that's why I got out of the big RV we couldn't handle it anymore. Why would I take another loss. No I'll just keep paying because we come from a generation of folks who pay our bills. Mistakes must still be paid for in the end. I knew all along there's no honorable way out don't know why I asked. If any good comes out of my mess its maybe other RVers might think twice before getting into my situation. Bigger and newer is not always better. Do not fall for that 20 yr loan it costs so much more in the end and with the new owner excitement you wont realize it till about a year later when you see holy cow all my payments are interest and only a few measly $$$$$ went to the principal. The tax deduction isnt worth beans. Haha maybe some day I'll hit a lottery or I'll live long enough to pay it off, I hope so. I do have a sense of humor folks. Who knows :-)

You've pretty much answered your own question. You have an asset (in the form of a home) that you could liquidate to pay off the MH. It can provide relief of your debt, but it would seem that you would rather stress yourself with worry.

Have you thought of this?

- sell the home
- buy/lease a site in a really nice 55+ RV resort
- pay off the MH
- move the MH to your site at the RV resort - and never drive it again
- build a nice deck right off of the coach door - so you don't have to deal with those flimsy retractable steps anymore.

You'd keep the RV lifestyle, pay off the MH, live in a resort of your choosing, and no longer have the stress of the MH loan over your head.

4 walls does not make a home. The memories of/in that place is what makes it a home. Selling the home is a way out of the debt. A bankruptcy judge would even point that out to you.