It's a trailer Zig. Dump it.

It will only DECREASE in value, its much like an automobile but worse. Would you rent a vehicle you couldn't afford? Or would you dump it and suck up the loss?

Seriously, a few years of a tenant who is a little ruff and you'll never get it sold. Trailers are a seriously bad investment unless you are living in it forever.

I don't understand why you are so attached to that particular problem.




Trailers are a seriously bad investment full stop.

As I said I would never ever consider a trailer myself and don't understand why some people do.

Because, Id much rather rent it out to some dependable people and then later sell it, than do a short sale or foreclosure which would drastically affect my credit rating for future large purchases (ie, a home). 

Yeah, well...if we all could look into the future and be as smart as others think they are. 

 

crap, Marcie forgot to sign out...that above reply and this one is Ziggystyles

I don't know why a short sale would affect your credit rating.

Either way, your credit rating should be bad. But the point is that if you sell the trailer and get rid of the problem you can improve it.




You think other people don't buy trailers because they can look into the future and you can't? That's bogus.

Zig, I grew up in and around trailers. They don't age well. Think of it this way. Your trailer looks as good now as it will EVER look again. Meaning, today has a better chance of selling it as compared to tomorrow or the day after. If selling it is your ultimate goal, then get rid of it while its still in good enough shape to make someone want to spend the money on it.

And you don't have to do a short sale or foreclosure. You can sell it for less than what's owed, and make payments on the difference until its paid off.

SO if you owe $45,000, sell it for $35,000, then all the sudden your debt is just $10,000. Much more manageable and easier to tackle.

Chalk it up to a $10,000 (or whatever the difference is) lesson. Or as DR says, "stupid tax."

You guys are just starting out, you're going to get hit with the stupid tax occasionally.

Plus he doesn't have the trailer to worry about and no rent payments for the trailer park.

I don't see how that option is not the completely obvious solution.

(Also, I would sell the bike. You can get a new bike in a few years when you have the money to enjoy it.)

The trailer *IS* for sale, and has been for a year.  We're not just keeping it for shits and giggles.  I think Zig talked to the realtor yesterday about lowering the price...we'd talked about that for a while.

The bike is also an area of contention.  He goes back and forth on selling it.  We both love to ride.  He just thinks that if we don't keep it, we'll never buy another one and we'll never ride again.  He thinks that the kids will come along, etc., etc...

I don't know.  It's his gig.  I have no opinion.

This sounds to me like you would never buy another one because you couldn't afford it.

Isn't that the point of the exercise? Not to buy stuff you cannot afford?

Seriously, who put a poker up your butt? 

Zig thinks we'll never buy another one because we'll get bogged down with "life."  You know, work, kids, etc., and we just won't make time to do that stuff together anymore.  And we purchased this bike five years ago, not yesterday.  Lots has happened since then.

It's HIS choice to get rid of it or not.  I'll keep working extra and he will, too, if it's something that is that important to him.

Wow.

A short sale is a SALE of the house SHORT of what is owed.  If I owe x amoutn and sell it for less, and the mortgage company agrees to that, its basically a settlement.  I still owe the difference.  It is reported to the credit beaurus (sp). 

Ask Sabrina, she could probably describe it better, plus use fancier words.

No, but there are many reasons why some people DO buy them.  Cheaper than a regular house. Portable.  If one doesn't care about value...then they have a cheap full sized house.  I mean...our house itself is the largest either of us have lived in (minus a basement).  Its something that one can call their own...etc.  

And seriously, this whole trailer thing has been beaten to death already.  If you want to argue, go back a year or so in my blog. 

Well that was my idea and I had talked to a rep last month abotu that very thing...just selling it short and STILL paying what we owe.  Then last week, I talked to another one and they said that is a short sale and would come after me for the difference.  So it would be a short sale and affect my credit. 

 

 

This isn't exactly right Zig.  A short sale is when the lender agrees to take less than is owed and call it square.  They don't come after you for the difference, and agree to that in writing.

This usually works best if you already have an offer, say you owe 45 and someone offers you 35...you go to the lender and ask them to take 35 as payment in full because if they don't, it will go to foreclosure.

They will usually do this because if they don't, they have to take possession of the trailer, maintain it, and then try to find a buyer.  (And in this case probably pay to move it so they aren't paying lot rent every month.)

In the end, that's usually more money than the difference (of what you owe compared to what you get)especially on something like a trailer.  And frankly, they aren't in the real estate business.

So low ball the trailer, offer the real estate agent $1000 extra, and get an offer.  Then take the offer to the lender and ask them to accept it as full payment.

Even if they say no, which they may, then you still only are responsible for the difference...which will be much less than the whole.

 Also it def can affect your credit, but often times you can negotiate with the lender and have them agree IN WRITING not to report the adverse credit to credit reporting agencies.

 

Pull up your pants and crap on someone elses blog Sabrina.  I left an open door for your input, so professional that it was,  from your long gone days in yesteryear of being a mortgage agent, secretary, broker...trash can emptier or whatever did in that industry, like all otehrs you have been in which you claim to have made you so knowledgable (like my moving to another state...hmm?).  Hell, I even threw in a nice fancy compliment about your ability to use a thesaurus. 

Time to stop living in the past now Little One and move on.  Or are you stuck with that Jeffersons theme song and changing the words to "moving on Sideways?"

 

now, unless you can pinpoint this exactly...I only mentioned this once.  Two checks at the same time were deposited.  Two of three.  The first was supposed to go through, the second wasnt supposed to but did (and outside of a 35 overdraft fee, we were able to transfer funds from an emergency fund), and the third was stopped. 

So lets rewind...you are having a tissy fit because we "cant keep track of our checkbooks" when we knew exactly what was going on, had a previous arrangement for the checks, and someone else who was not in the picture deposited them?  I mean...seriously, spazzing out over that? Don't you have something better to do, like eat bagged steaks or something?

And unless Im wrong...you sit and peck away mocking me for trying to change our future (and succeeding with some bumps along the way)...ridicule me (and Marcie) for buying a trailer...all the while you boast about what you have done financially to your ramshackle house which YOU have had to fix up yourself, bragged about how you thought youd be able to buy it, only to get shot down...STILL live there with neighbors that hate you (although they are the 'bad' ones)...and you give me shit for the choices I've made?  And then ontop of that, give me crap for one bounced check?  A check that we fincially recovered from after a 10 second transfer?

Someone has a very bad case of cranial rectal inversion here. 

 

Anywho...Tova.

I'll have to try and find some resources on this.  I've heard Short sales described both ways:

*lender eats difference

*seller eats difference, has to pay. 

In my case, my lender doesnt seem willing to budge.  They said they might take a low offer but it would be considered a short sale and I would be responsible for the difference.  We didn't discuss credit stuff.  If I could take a lowball offer and have it not affect my credit, Id do that in a heartbeat. 

 

 

 

I'm not trying to be a jerk here, but I think LW was referring to this check, which seems in addition to the others.

 

I'm going to butt back out now.