Mobile home foreclosures or repossession - What next?

Guest

I was a cosigner on a mobile home and it was repossed. can they garnish my wages if they sell the home and they don`t get every thing that was owed.

Guest

My mother had a heart attack and was out of work for a month. she got behind on a payment and they refuse to work with her. she has paid on the home for over 10 years now and they called her work on Friday and told her that someone would be there on Saturday to remove the home. we have 1 year left on the land through someone else. Do they have the right to call you on Friday and then come get it on Sat.? There is nothing open on Saturday so we cant call to get a U-haul or anything

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.

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