My question involves a mortgage (personal loan?) in the state of: Maine
I bought my mobile in a Maine park back in 2006 before I married my husband for way too much $ since the market was high. I have been trying to sell for 3+ years and @ the current price am standing to lose $10k. They are telling me I need to lower it another $10k for it to sell, and I am wondering if it is financially stupid to pay the bank $20k to leave a home that isn't worth much more than that. The mobile is in Maine, but the financing bank is out of Ma., so I am assuming the laws in Maine would apply here, but wasn't 100%? I have tried to rent it, but the park owner will not allow it, so therefore I was pondering turning it in to the bank.
I have a good job and a little over $100k in savings, so bankruptcy is not an option. I plan on buying another home and was thinking of using most of my savings for a down payment before turning it in (if I decide to do so). My question is: what are the possible consequences of walking away? It will be a repo., not a foreclosure because I have a title, not a deed, and I do not own the land, correct? I know Maine is a deficiency judgement state, and have heard varying stories of how aggressive banks are and aren't with these judgements. What do they usually do with these judgements?
I know my credit is going to suffer, but beyond that, will they most likely lien my new home, call my employer/garnish wages, attach bank accounts, etc.? Or will they not persue the judgement at all? Would it be better to put my money in my husband's name (since he is not on the mobile's title?) and not put it into a new home, so it has no equity in case of a possible lien? I have struggled with this and hate the idea of walking away from anything since I have always paid my bills, but I also don't want to be giving $20k to the bank and waiting another 2+ years to sell the place as I want to buy a new home while rates are low. Any help would be greatly appreciated.....