Posted: Thu Apr 16, 2009 3:10 pm Post subject: Mobile Home Repo
What are the laws in Michigan concerning mobile home repossession... I am the one who would be doing the repo. I have someone who has signed a promissory note for the trailer and is a halfway through the term of 4 years of buying it. They have only been on time with payments the first few months and since have been late every month(at one time being 8 months late) and have caught up each time except for the last 4 months. I am still making the original payments on the trailer and I am at the end of my rope. Problem is the trailer will not now fetch even half of what is owed if I repo'd and sold it. Going after the defaulter will not get me anything but more court and lawyer costs as he has been unemployed for the last year, has no assets, his family has disowned him, etc. Is there a way I can just write the whole thing off as a bad debt(toxic asset)???? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
From your end you can write it off as a bad debt. But the original lender to whom you are making the payments may not write it off as a bad debt. He may ask you to pay off the mortgage dues. If you do not, then he may foreclose the property.
Feel free to ask if you have further queries.
Sussane
sickandtired Guest
Posted: Mon Apr 20, 2009 2:03 pm Post subject: Mobile Home Repo
Thanks Sussane, the original lender is my credit card, I still owe about 8k. What are the forms needed for the IRS
As far as I know, you should look out for Form 1065 in order to report the loss. However, I would suggest you to contact a tax adviser and he will guide you in this matter.
smithsussane
