Mobile Home Repossession

compasspink · Joined: 04 Jan 2008 Posts: 1 1.00 Dollars($)

The repossession procedure has already happened on my mobile home. (due to divorce and neither wanting to keep the home, my name was on the loan not my spouses, although we were married at the purchase) I originally purchased the home for 23,000 and financed 19,000. It was on a 15 year loan at 12 percent inetrest and there was 8 years paid on the loan. (i think with a remaining balance of 13,000)

My question is what will happen after the repossession. At present time, what will be the procedure now.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi compasspink,

Welcome to the forum.

After the reposition of the mobile home, it will be sold. I would like to know where do you stray? Are you staying in a community property state? If you stay in a community property state, than the profit will be equally distributed between both you and your spouse.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Guest 0.10 Dollars($)

The state of Tennessee is where the mobile home is located. I am thinking there will be no profit but a minus on the home.

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Compasspink,

If the unpaid mortgage balance is not fully recovered from the selling price then you shall remain responsible to pay this difference as you are on the loan. If the lender seeks a deficiency judgment then you have to pay this off. He might even forgive this amount but that completely depends on him.

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