mobile home reposesion

Guest 0.10 Dollars($)

I have a mobile home in Arkansas that is about to be repoed. I live in Mississippi now and still owe about 33k on the home. What can i expect to happen. Can i still work out payment plan with the lender, or try a deed in lieu of with them. It would cost me about 10k to have it moved over here and set up so i could rent it, and i dont have it. The home is a 1998 model and im guessing it will only be worth half of whats owed.

larry · Joined: 27 Jun 2007 Posts: 2966 413.98 Dollars($)

Hi Steve,

Welcome to the forum.

See lenders do not always agree for deed in lieu of foreclosure. But if you cannot afford the payments any longer or the cost that you need to move the mobile home, you can talk to you lender and check out if he agree for the DIL.

Best of luck,
Larry

Guest 0.10 Dollars($)

How much time is left for the mobile home to be repossessed? From your post, I don't think there's much time left. Otherwise you could have tried with a repayment plan. Since you are not staying in Arkansas, therefore, you can go for a deed-in-lieu. But for that you'll have to present a hardship letter to the letter clearly mentioning why you cannot repay the loan.

michelle · Posted: Mon Feb 11, 2008 10:45 am Post subject:

Hi Stevehuntone,

You refer to moving the home, so I am assuming that it is not on a permanent foundation. Is that correct?

If not, then a deed-in-lieu may not be an option for you. It will really be determined by the type of loan you have on the home. It's possible that it is similar to car note - and they will rarely ever accept less than the current amount due when the home is sold. They may try to seek a deficiency judgment against you. Do you have an actual deed or is the home still registered with a title?

I would advise you to contact that lender immediately and see what options they may have for you. I would also recommend having an attorney review your paperwork.

Please let us know if you have any other questions.

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