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Mobile home - unable to rent, PCS options?
Last Post Sep 07, 2012 05:30 PM by mgulley. 1 Replies.
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mgulley Posts:831
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Jul 17, 2012 08:12 PM

    I am a 10 year AD AF Member, I purchase my double wide mobile home back in 07' when housing was very high in California. I thought a $60k purchase was a smart choice for me in a market where houses were selling for $300k+.

    Here I am facing PCS orders, current mortgage is $45k, We have 4 kids one on the way and are a single income family. The biggest problem I face is that my mortgage + lot fee are $1k a month and I am not allowed to rent my house due to park rules. Also the mortgage is not with the normal banks since it is a mobile home mortgage.

    Houses are selling around me but for extremely low amounts(less than $10k) by people who outright own their homes and just want out.

    What options do I have? there is simply no way I can afford my lot fee + mortgage+upkeep(without upkeep would face eviction) while we live somewhere else. Even if I could find a buyer it wouldn't come close to the amount I owe. I know many are $100k+ over but at least they can rent their houses.

    We have though about my wife seeking work but with child care costs it barely nets a profit.

    mgulley Posts:831
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    Sep 07, 2012 05:30 PM
    • Correct Answer?
    Well just to post on here with a followup incase anyone stumbles upon this, Mobile/Manufactured homes on leased property (mobile home park) do not qualify nor are treated as real estate. They treated the same as a car which means you either sell it and pay the difference to the lender or they eventually reposses it sell it at aution and then file a judment against you for everything left over.

    Either way I now have 7 months to figure this out before I PCS out of country for 4 years. Looks like my TSP is going to end at $0 by the time this is done. WARNING to everyone reading this, never ever buy a mobile home in a park! This mistake will more than likely cost me $40k + at this point and hope I can negotiate with the lender on payments.
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