strategic foreclosure
Land Lease Manufactured Home: “Strategic Foreclosure”?
2010 – Housing Market is crap. We are about $80K underwater. Don’t qualify for Short Sale. Want to buy *up* due to recent family inheiritance – but can’t until we sell… but can’t sell… and so the drama of many home owners. If we choose to do “Strategic Foreclosure” and walk away, we no longer have to pay the mortgage, but I think we are locked in the monthly Land Lease ($625/mo.).
Is there another way around the Land Lease? Maybe Bankruptcy? And, if so — would we even qualify since we have the inheiritance money? Lived in the manufactured 3BD, 2BA home w/ attached, site-built garage and backyard for 10 years… but from what others have told me – we will never see the value go back up to break even.
What would you do?
The housing market is starting to turn around.
My advice, worth what you paid for it, is to be patient.
That’s how the lion gets the kill and that’s what is going to get you around the problem. Tuck the inheritance into a CD and wait 2 or so years….
