Underwater loan
I'm really red faced to even ask but if anyone has any ideas I'd be happy to hear. Like many seniors we bought a new Class A when retiring. Things were good back in 2001and we were full timing. Put a ...
Forum Discussion
Starduster67 these cases are so common it is not funny but at least you do not have your head buried in the sand.
I still think you need to talk about your options with a qualified advisor. Eight years is a long time when retired and with health problems in the house making for a lot of unknowns.
For the MH to be saleable in 8 years you are going to have to spend a lot of money to keep it in saleable shape over that time. You have got to figure out a way to sell in sooner than later and just focus on paying off a loan to cover the upside down part. $96,000 to payoff with uncertain health has to be one heck of a stress. Total to insure, store and maintain could be another $24K. If it has been parked without service for three years already then batteries and others things may be doing secondary damage.
Yes I understand the current owner of your note could care less perhaps since it is a performing note per the bank inspectors. Compounding a bad financial decision is the last thing any of us need to do but it is so easy to do.
Start showing up in person and asking any source you can think of that might could help. You have a wasting asset that is not only dropping in value but is costing you cash as well. When it is gone and you have a plan to pay off the upside down part you can better focus on family health.
Be proactive and I bet within 30 days you will hit upon a workable plan to more peace of mind and pocket book. You are on the right track but we are not there to help you act.
I still think you need to talk about your options with a qualified advisor. Eight years is a long time when retired and with health problems in the house making for a lot of unknowns.
For the MH to be saleable in 8 years you are going to have to spend a lot of money to keep it in saleable shape over that time. You have got to figure out a way to sell in sooner than later and just focus on paying off a loan to cover the upside down part. $96,000 to payoff with uncertain health has to be one heck of a stress. Total to insure, store and maintain could be another $24K. If it has been parked without service for three years already then batteries and others things may be doing secondary damage.
Yes I understand the current owner of your note could care less perhaps since it is a performing note per the bank inspectors. Compounding a bad financial decision is the last thing any of us need to do but it is so easy to do.
Start showing up in person and asking any source you can think of that might could help. You have a wasting asset that is not only dropping in value but is costing you cash as well. When it is gone and you have a plan to pay off the upside down part you can better focus on family health.
Be proactive and I bet within 30 days you will hit upon a workable plan to more peace of mind and pocket book. You are on the right track but we are not there to help you act.
