In case of mobile home repossession, the property will be sold off at a public auction to recover the amount of debt you haven't paid off. But hey, why do you say so, is your mobile home being repossessed? Aren't you able to gather the funds? Please let me know in details so that I can give you the right suggestions. _________________ Procrastination is the enemy of your financial success
Margie Guest
Posted: Wed Mar 26, 2008 10:33 am Post subject: Mobile Home
I signed for a mobile home for my son 8 yrs ago. He now can't make the payments and I am now retired on a fixed income. He is in FL (in a trailer lot) and I am in SC. Remaining on loan is $37K and of course it is more than the home is worth. My credit rating is important to me but I cannot keep this loan current for my son now. Please give me some options for my situation. I tried For Sale but only can get $5K or so for it and I have rejected that offer. The payments are $587 for loan and $300 for lot rent. Almost my whole Social Security check.
There are actually quite a few options available for you. Like - you can ask your son to help you in making the mortgage payment. If it is not possible then you can think about refinancing and change the rate-terms if possible. Even if it is not possible then go for short sale and pay off the lender.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Margie Guest
Posted: Fri Mar 28, 2008 10:13 am Post subject: For Larry
Thanks for the info. Short-sale, if I can do this, can the lender forgive the remainder of the loan and charge it off as a loss to them and this may save my credit? Or at least a partial of the remainder of the loan?
Posted: Mon Mar 31, 2008 4:27 am Post subject: RE: can lender charge-off deficiency?
yes margie,
The lender can charge-off the unpaid deficiency or a part of it. But you will have to negotiate for that. However, a charge-off doesn't mean you don't owe the debt. The lender considers as if you won't be able to pay off the debt but you are not free from the obligation. Know more about charge-off .
As far as I know, the lender gives you 90 days of time even after he sends you a default notice. Within this period if you do not take any action, the lender will set up auction within 15 to 30 days. But it varies from lender to lender.
Do let me know if you have any other questions.
Thanks
Blue _________________ Lets help each other. Try my blog
marissa Guest
Posted: Sat Nov 22, 2008 10:46 pm Post subject: home repos
Hello, we are behind two payments on our mobile home, which is the time my husband and I got separated and he moved out, my question is, since I dont have a job right know, I am looking for one, how long will it be for the finance company to repo my home? and what happens next, sincde I can't make the payments. I live in Texas.
Marissa
I think the mortgage is in the name of your husband. Your husband has to pay the mortgage unless you are able to refinance it. If you or your husband do not pay the dues, the lender or the finance company will foreclose the property. This will badly affect your husband's credit as his name is in the mortgage. When a loan is 60 days past due, the lender will send you a letter notifying that foreclosure is the next step.
I think you should immediately contact your husband and ask him to pay the dues. You should also inform the lender about your present situation.
Thanks.
Flor Guest
Posted: Mon Jan 12, 2009 11:07 am Post subject: Confused
I live in Texas. My brother was not able to keep on paying his house, so we agreed to take it. The only thing I dont understand is that he says that the loan is for 15 years more, but when i check the principal balance it still remains $95,000 to be paid off. How can this be?
You can contact the lender and check with him. He will be able to help you understand the mortgage note. Your brother must have paid off some of the mortgage so the principal balance should not be so high.
Thanks.
Ruby Guest
Posted: Wed Jan 14, 2009 6:18 am Post subject: How long does a repo stay on your credit?
I am thinking about giving my home back to the bank because I am a fulltime student and not working. I am current as of today, but know that I will not be able to pay for the mortgage, insurance, property tax and other miscellaneous bills for the entire year here in Texas. Just wondering how long this repossession will be on my credit report. My next home purchase will be CASH only!
The lender will not take back the property from you. You will have to either apply for a short sale or a deed in lieu by writing a hardship letter. Lenders do not accept these if you are current on your payments.
If you go for a short sale, your credit will be lowered by 75-100 points but if you go for a deed in lieu, your credit score will drop by 250 points and it will remain on your credit for 4-5 years. _________________ Procrastination is the enemy of your financial success
S. Kiehlman Guest
Posted: Tue Feb 17, 2009 10:57 am Post subject: Mobile Home in a Park has lien have paid 48 0f 60 payments
I put down $2000 cash and financed the remaining $8000.00 and Park depost $300. I live in michigan the park holds the lien and I had to fill for bankruptcy. How can I get a hard loan or any relief. I have paid %80 of loan. I need refinancing or something in between jobs
adonis
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