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csph708 · Joined: 16 Nov 2009 Posts: 1 1.28 Dollars($)

Live in S.C. Have 1999 Fleetwood 16x80, 3bedroom 2 bath mobile home. Are buying mobile home from Greentree Servicing but only rent the lot it is on. Been paying on it for over 10 years, many times late, and still owe as much on it as when we bought it. What would happen to us if we let them foreclose on it?

jenkin7 · Posted: Tue Nov 17, 2009 2:13 am Post subject:

Hi csph,

If you let the lender foreclose on your mobile home, it will affect your credit scores negatively. It can drop your credit scores by as much as 250 points. You will not be able to qualify for a new home loan for the next 2 years after the foreclosure. Apart from the negative effect on your credit, you will also be responsible for the deficiency, if any. The lender can come after you and sue you, if you do not pay off the deficiency and satisfy the mortgage lien in full.

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W happens if my mobile home foreclosed