Question : Finding a place to live after foreclosure?
My husband and I fell behind on our mortgage and filed Chap. 13 in January to save our house. Since then we have decided to divorce. No payments have been made on the house since the bankruptcy and I received notice Saturday that they intend to foreclose. At this point I don’t even care.
I have to find a new place to live for me and my 2 sons (11 and 15). I have found a nice manufactured home in a park. The couple are in their 80′s and just want out from the payment – only asking what they owe. I’m sure I won’t be able to get a mortgage, but was wondering how lease with option to buy works? They are moving to a retirement community and said they would do whatever they needed to do to help us. My boys like this place and the most important thing to me is for them to feel comfortable and stay in their existing schools.
Does anyone have any options that I can explore that I don’t know about? We are in Ohio, by the way.
Thanks,
Becki
ohio retirement communities

Best answer:

Answer by surelynotme
If you have the option just to rent that mobile home, you might be better off. Then you can take your time till you learn more about mobile home living and if it is right for you. I live in a mobile home just 4 years old in a nice park. What I’ve discovered is that if you have a home that is 15 or more years old, at least in the area where I live, it is basically unsellable. Nobody will want to buy it, and even if they did, no lender would ever make a loan on it, even to someone with good credit. So if you buy an old mobile home, you may never be able to sell it again, and may be forced to continue paying it off and then just have it junked. Buying an older mobile home is fine if you intend to retire there and live there till you die, but that doesn’t sound like your situation. So you might want to be careful about making a financial obligation if that home you are interested in is older.