Mobile home foreclosures or repossession - What next?

Guest

My investor who wants to repossess my home is constantly harassing me. But I am still current on my mortgage payments. If we don't pay an insurance payment and miss any property tax, they say that they will be taking our home. I am currently staying in a mobile home park. Can you tell me, if I apply to HUD will they help us pay off the loan and move into some other place?

Jessica · Posted: Mon Jan 02, 2006 3:38 am Post subject: RE: mobile home repossession

Hi Maria,

If you are making your mortgage payments in time, then I don't find any reason as to why your investor wants to repossess your home. But in case you need to pay the insurance payment and property taxes, you should pay them in time so that you will not lose your home.

Regarding the HUD assistance, you should contact local lenders and enquire about the Title 1 program offered by the HUD. Under this program, loans up to $64, 800 are available for the combined cost of a lot and a mobile home.

Regards,
Jessica.

Guest

I got my answer but pls let me know more about the title 1 program.

Caron · Posted: Mon Jan 02, 2006 4:45 am Post subject: RE: Title 1 loan program

Hi Maria,

The Title 1 program allows you to take mortgages from approved lenders as a financing option for purchasing and/or lot. This can be done by taking out mobile home loans. The FHA insures the lender against financial loss if the borrower defaults. Credit under this program is offered on the basis of the applicant's credit history and his ability to repay the loan in regular monthly installments. The loan is also issued for refinancing the mobile home loan provided the mobile home is used as the principal residence of the borrower.

These loans are not government loans or grants, and these are not available at low rates. The interest rate for this kind of loan is fixed and depends upon the market rate prevailing in the area where your property is located, that too at the time when your loan is being made.

Hope this information will help you.

Thanks,
Caron.

Guest

Because of financial problems I am seriously considering giving my mobile home back to the bank. What are the procedures for this? I would rather just do that than file bankruptcy.

Niicss · Posted: Mon Aug 14, 2006 7:20 am Post subject: RE

DLJ

Sad to hear about your problem, can't you find any other solution. And for the procedure, it varies from bank to bank. Moreover you can consult you bank and try to explain them about your situation, I am preety much confident that they will do something for you by rearranging the payment options.

God is with you. All the best.

Guest

My mother-in-law has a mobile home in Texas and a house in New Hampshire. Her husband passed away this last year and she can no longer afford the payments. She owes way more than the mobile home is worth. If she allows the mobile home to be repossessed what happens?

Can they put a lien on her other house? What if she sells that house first can they go after the proceeds? Can they go after her SS money or her pension? If she has gifted money to anyone in the last year can they go after that person?

She does not care about her credit but she does need her retirement to survive.

Thanks,
Mary

Guest

Mary,

In case of mobile home foreclosures or repossession, the creditor will take it away and sell it in an auction. If the sale proceeds are less than what was owed then there are chances that lender will also sue for a deficiency judgment to recover the balance amount.

Guest

Samantha

Hi Mary,

Welcome to the forum.

Once the mobile home is repossessed, the lender may ask for the deficiency or the difference between money he should get back and the sale proceeds on the mobile home. If your mother-in-law is unable to pay the deficiency, the lender can sue you for the deficiency judgment given by the court.

But even if she is unable to pay for the deficiency, I don't think the lender can put a lien on her other house. He can only do so if the other house is also kept as security along with the mobile home.

The lender cannot go after the sale proceeds of the first home. Neither can he go after the person to whom your mother-in-law has offered a gift. The lender will possibly not go after her social security income and pension plan accounts. Instead, the lender may sell the mobile home and get back the amount he has offered as loan.

Hope you will be benefitted from this information.

God bless you.

Samantha

Guest

Because I did not have a job, I fell way behind (3 months) on my mobile home mortgage. Now they are telling me that they will repossess today or tomorrow. However, now I have a job (starts today actually) and I figure I should be able to work out an arrangement to stay in my home. But the lender won't compromise. I have nowhere to go; no friends, no family available to take me in. Social Services cannot help because I have a dog. I gather that I have no rights and can be kicked out whenever the Sheriff's Department has the time to do so?

Guest

Hi Gracelle,

Manufactured or mobile homes do not include any foreclosure protections like real property home mortgages. When borrowers default on such loans, the home can be repossessed by the lender and sell it at public auction.

What you can do is to talk with your lender and try to negotiate with him to give you some more time to pay off the loan. You can go for a written agreement stating that you'll be paying off the loan within a month or so. I hope he'll surely consider your request.

Guest

I am in a intrest only loan i have paid for 7 years and my pricipal never went down I did not know about this. and i am having a hard time refinancing what do i do???

jenkin7 · Posted: Fri Nov 16, 2007 6:04 am Post subject:

Hello Marco,

How long is the interest only period for the mortgage? Is it 10 years?

Don't you have any equity in your home?

Have you spoken to your lender? What problem are you having?

I think you should be able to refinance. You may have to shop for some time for lenders.

There is another option. You may refinance with a 125% Equity Home Loan or a no-equity loan, if your credit is good. With such a loan you may borrow up to 125% of your home's value.

Guest

If I let my mobile home repo do you know what all can happen. My land is not with it

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