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ScottyMacESQ
ScottyMacESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 15744
Experience:  Licensed General Practice Attorney, Texas
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My husband has an old mobile home s wife distroyed s credit

Customer Question

My husband has an old mobile home his wife distroyed his credit and now the mobilehome is unenhabiable in texas can you volunteer to send it back to the people holding the morgage
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  ScottyMacESQ replied 10 months ago.

Thank you for using JustAnswer.

I'm sorry to hear about your situation. Yes. This is called a "voluntary repossession", and in the real estate context it's also known as a "deed in lieu of foreclosure". Now the main problem is that the lender could take back possession and still sue for the balance owed (or at least the amount owed minus what it sells the home for). This is called a "deficiency". Lenders typically don't waive a right to seek a deficiency unless they determine that the voluntary repossession without a deficiency would be better than the added expense of getting it back, selling, legal fees and costs, etc...

It would be best to contact the lender and see if they would agree to a deed in lieu / voluntary repossession. Telling them that you're on the verge of bankruptcy would help, as bankruptcy would release most debts and the best they might get would be pennies on the dollar for the underlying debt.

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Thank you, ***** ***** luck to you!

Expert:  ScottyMacESQ replied 10 months ago.

Did you have any other questions before you rate this answer?

Expert:  ScottyMacESQ replied 10 months ago.

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Expert:  ScottyMacESQ replied 10 months ago.

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