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Posted by Ray on February 25, 2005 at 23:09:47:
In Reply to: Foreclosure consequences in Texas posted by E. Henson on February 25, 2005 at 16:08:42:
: My mother is living in a mobile home in a community in Texas. When she purchased the home she understood that the monthly payment was going to stay as they quoted. Unfortunately, that changed due to taxes, insurance, etc. Also, the lot rent at the community she is in has been raised since she's lived in the home. Because of all of this, she can no longer afford to stay in the home. None of us knows anything about trying to sell the home on our own, so she's considering just walking away from the home. If she were to walk away from it, what would the consequences be for her? Would she deal with worse than it ruining her credit (as if that's not bad enough)? Any information on this subject would be greatly appreciated.
HUD is dedicated to helping those who need help. This could mean trying to go into a HUD home after you loose the trailer if you can make the 3% down payment.
Or maybe she would rather see if she can rent from HUD. I am inclosin a copy of what HUS says about a person who has had credit problems:
HUD-Insured Loans for Special Credit Risks
In some cases, HUD insures loans for people who have had credit trouble and do not meet standard credit requirements to buy low cost homes. Down payments can be as low as 3 percent, and closing costs can be wrapped into the mortgage.
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