Surprisingly, many people own mobile homes. Though mobile homes are more common to own, many people are also in a situation where they want to move on to something else. Whether it’s a home or apartment, it can be difficult when you have a mortgage, however it is not impossible to sell your mobile home while having a mortgage.


Can I Sell A Mobile Home with A Mortgage?

There may be various reasons why you want to sell your mobile home. The most important thing to know though, is that it is VERY possible to sell your mobile home while still having a mortgage.

It’s no different than selling a traditional home with a mortgage. However, just because it’s possible to sell a mobile home with a mortgage doesn’t mean it’s always easy, and all liens, loans or mortgages must be paid off before the title is transferred over to the next owner. However, here are some options below to help you.


Your Options With A Mobile Home with A Mortgage

If you have a mortgage on a mobile home that you want to sell, here are some options:


  1. Rent Out Your Mobile Home

If you would like to try to regain some of your losses with owning your mobile home, one of the most popular options is you can always rent it out. The tenant could pay monthly rent while you stay in your new home, which can then be used for paying the cost of the mortgage. You can also live somewhere for a cheaper monthly rate while the home is being rented or with the monthly rent that is being paid from the tenant, you can use to save up for a new home.



2. Sell the Mobile Home for As Much As You Can

If the first option isn’t possible for you, you can always sell the mobile home for as much as you can get for it. Ideally, you could list the home and attempt to get what you owe on the mobile home or try and get more for it. The next option is to set a lower asking price and make up the rest of the difference with your own money.

You can pay off the difference of the mortgage right away if you have the cash on hand. You could also take out a loan for less money with a lower interest rate than the mortgage.


3. Short Sale

Another option you have is to short sale your mobile home. However, remember that in order to start the short-sale process, the owner must be upside down on the mortgage. Next, the owner must put together a short-sale package for the process. This package consists of some documents, including; a hardship letter, a financial statement or RMA, W-2s, tax returns, pay stubs and a few more documents. You must then put together a short sale offer and submit it to a bank that you are will to do business with.

It’s important to note though, short sales may or may not be approved by your lender. Even if approved, a short sale can take a very long time to complete. Meanwhile, your credit score will also be negatively impacted by going this route.