bought house for cash want to walk away from mobile home

If i buy a bank owne home for cash and walk away from my mobile home payments, can they take my new home.

sunil87020 · Joined: 04 May 2009 Posts: 251 -0.05 Dollars($)

I AM NOT GETTING YOUR QUESTION
CAN YOU EXPLAIN............

Posted: Sat Jun 13, 2009 5:11 pm Post subject:

buying a home for 40 cash but have a mobile home that has 50 left to pay. i want to walk away from it, can they take my new home that im buying because its now an asset since it will be paid for?

Jessica · Posted: Tue Jun 16, 2009 5:27 am Post subject:

Hi guest,

Welcome to our community forums.

I think if you simply walk away without making payments on the mobile home loan, there's a chance that the lender would declare a foreclosure. What's your state of residence? If you're upside down and you live in an anti-deficiency state, then you don't need to pay the deficiency (difference between mortgage balance and sale price) provided yours is a purchase mortgage. However, if you're staying in a deficiency judgment state, and the mobile home mortgage is a refinance loan, you'll have to pay any deficit amount. In case you fail to pay the amount, the lender could try out various means to recover the unpaid debt. One such means would be to place a lien on your new home.

Regards,

Jessica

Posted: Tue Jun 16, 2009 7:33 am Post subject:

live in MI not a refinance loan and not late on payments.

Niicss · Posted: Mon Jun 29, 2009 3:22 am Post subject:

Hi Guest

Though you are not late on your payments, if you walk away from the property, the lender will foreclose the property which will effect your credit badly.

Thanks.

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