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gmakerley · Posted: Sat Jul 18, 2009 5:28 am Post subject:

To rmorquec - if the lender sells the collateral for less than what is owed, then there will be a deficiency that you would owe. if they seek a judgment and that is granted, and you fail to pay according to the terms of that judgment, then they can garnish your wages. it's a process, though.

To jason27 - usually repossession agencies don't give you advance notice. in the case of a mobile home, however, it makes sense to provide a little notice rather than just show up at the door with a truck to haul it away. it's only one payment that your mom is behind? that's pretty severe treatment by the lender if that's the case. can you or someone else help her? it may be pretty late in the game, inasmuch as it is now saturday and they're probably preparing to show up now.

Guest

Hi,
I own an old mobile home , it is worth around a few thousand ($5000 or less). I have live in this mobile home for a few years. If I want to buy a house, can I qualify as the first time home buyer?. Thanks

gmakerley · Posted: Wed Aug 19, 2009 11:38 am Post subject:

according to the instructions for Form 5405, which is the form you'd use to claim the credit, the answer is no. if you have owned a "main home" in the past 3 years, you won't qualify

Guest

Thank you Mr gmakerley for answering my prevous question.
But I do not understand about the tax credit 2009 for the first time home buyer is, it is not fair for a mobile home owner like me, who has lived on a cheap, small mobile home because i did not have a good steady job to be able to apply for a loan to buy a house in the past (now I'm unemployment!!!) . I have to pay for rent for a lot in the mobile park, as time goes by, the rent has been incresing and the value of a mobile is decreasing. When I bought this mobile,I registered at the DMV which it was considered just like a vehicle....
e IRS if there is an exception for the mobile home owner who want to buy a house to get tax credit for 2009?. Many thanks

gmakerley · Posted: Wed Aug 19, 2009 12:36 pm Post subject:

you'd have to take your complaint to the irs directly, rose. i get what you're saying, but i don't believe they've made allowances for a situation such as yours.

contact them, though - it's worth the time to ask that question.

Guest

I have a loan with greentree servicing. If they foreclose on my mobile home, Does Homestead protect me against them putting a lein on my land?

adonis · Posted: Wed Oct 28, 2009 9:31 pm Post subject:

Your query has been answered in the given page:
http://www.mortgagefit.com/foreclosure/mobilehome-lien.html

Take a look at it. I hope it'll help you.

Guest

Hi!
My boyfriend owes $35,000 on his trailer here in Michigan. His lot rent is $425/month, his payment $400/month. I own a home and would like him to move in with me. He will not be able to get anything near what he owes on it, and the bank says that they wouldn't take under $2000 less than he owes as a short sale. His Dad co-signed, and the bank said even if he lets it go into foreclosure, he'll still owe that money to them...He doesn't have good credit, and feels totally hopeless. How can he get out? Do banks offer personal loans for the difference with no collateral? Can he re-finance to take his Dad's name off? help!

Niicss · Posted: Thu Jan 14, 2010 2:43 am Post subject:

Your boyfriend may refinance the mortgage and take his father's name off the mortgage if the property has equity in it. If there's no equity, then the lender will not refinance the loan. If your boyfriend wants to sell off the property, then he should try for a deed in lieu of foreclosure. Thus, he won't be responsible for the deficient balance once the sale is over.

dzicchino · Joined: 14 Mar 2010 Posts: 1 1.18 Dollars($)

Hi
I lost my job in May 2010. We have all but spent all of our savings on our mobile home payment 600.00 and Lot rent 400.00. Now we are facing my husband going out for a surgery which will put him out of work for 6 weeks. our only hope it to get into an apt. that is half our payments. what can we expect from the lot owner and the morgage company. will they take us to court? please answer

Niicss · Posted: Mon Mar 15, 2010 4:41 am Post subject:

You should contact your mortgage lender and inform him about your present financial situation and your husband's surgery. If the lender considers your case, then you would be able to get a forbearance which will help you in saving your property.

Guest

I have a mobile home that i bought 10 years ago, I owe almost 20,000 on it still, I need to move and no longer want this home, they can reposses it, I can cut my losses, I just want out. Do I just call the mortgage company and tell them to take it?

Niicss · Posted: Mon Mar 22, 2010 3:11 am Post subject:

You can contact the lender and ask them to repossess it. If you do not have a financial hardship and stop paying the mortgage dues, the lender will have the rights to foreclose the property. This will have a negative affect on your credit report and you would be responsible for paying off the deficient balnce resulting from the sale of the property.

Guest

i am having a great deal of trouble paying for my manufactured home and a private lot rent for 400.0. my home is financed with Suntrust Bank for 556.00 and i have an insurance for 95.00 = 1,051. i lost my job and my boyfriend helps me to pay bills. its has been tough because i lost my job after 5 years. i am working part time now. we have a car bill with the bank. the bank refuses to help me with any kind of loan for this house. i was never late. any sugsttions?

smithsussane · Posted: Sat Mar 27, 2010 1:55 am Post subject:

Hi madeleine!

Welcome to forums!

I guess, as you do not have sufficient income, the lender is not ready to help you to refinance your mortgage. If you want to save the property, you can apply for a loan modification. If the lender agrees to it, you would be able to get a lower interest rate to pay off the balance but the term of the loan would increase.

Feel free to ask if you've further queries.

Sussane

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Mobile home foreclosures or repossession - What next?