Citifinancial Mortgage
Owe 34,000 on 1999 Mobile Home Loan at 10 Percent

We bought a property in 1999 for 40,000, financed. We still owe over 34,000 due to a 10 pct interest rate. That in itself should be fraud, since our credit is good and we never missed a payment, etc. The note was originally an OF and then was sold multiple times. CM has had it about 4? years. We moved and bought a home, since the other property is a 1978 trailer, and we found a good deal on the home we are in.

CM's property has been rented for over 3 years, and now the renters have defaulted and moved, and the place is trash, not counting the age of the mobile home.

We can't get our loan modified, since it is not our primary residence. We obviously can't sell it for the amount owed. The realtors laughed at us about doing a short sale, since it is so old that no one will touch it. We can't do a deed in lieu either, since they want our whole life story, and it is still not guaranteed that we will "qualify." Nor can we refinance, since, again, it is not our primary residence.

I am so nervous about losing the credit we have worked so hard for over the last 20 years, and they won't help us with any solutions. Do you have any suggestions? We can't pay 2 mortgages. Who can, unless you are rich?

Lordy, lordy... I just don't know what to do. Would a lawyer help? The property value may be 15 grand, certainly not 35 grand.

Company: Citifinancial Mortgage
Country: USA

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