What are you looking for? 

What happens if mobile home is repossessed?

Author Message
Mary

Guest







0.10 Dollars($)

PostPosted: Tue Jan 16, 2007 1:00 pm    Post subject: What happens if mobile home is repossessed?

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

_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
 
image
Bauer

Guest







0.10 Dollars($)

PostPosted: Tue Jan 16, 2007 1:50 pm    Post subject:

Mary,

If it is allowed to be repossessed, 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.
 
image
Henrietta

Guest







0.10 Dollars($)

PostPosted: Tue Jan 16, 2007 2:12 pm    Post subject:

Quote:
If she has gifted money to anyone in the last year can they go after that person?

For a deficiency judgment recovery they can not ask for money from a person your mother-in-law may have gifted anything last year. But can put a lien on the other house for the recovery of the balance dues.

Thanks
Henrietta Cole
 
image
Icon Mini Profile Samantha
Samantha
Community Mentor
Community Mentor

Joined: 16 Sep 2005

Posts: 1514
Location: MASSACHUSETTS


132.40 Dollars($)

PostPosted: Wed Jan 17, 2007 2:45 am    Post subject: RE: lien on mobile home after repossession

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

_________________
Know how to compare lenders with mortgage booklet
 
image
Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Helpful References
Mortgage Guide
Mortgage Terminology
Industry News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool
Mortgage Planner
Simple Budgeting Tool


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit Live Help

Explore the lender near you

Google Map Image

MF Talk

 
About Us  | Contact Us  | Our Blog  | Privacy Policy  | Testimonials  | Website Tools  | RSS Feeds  | Site Map 
We have chosen to apply the Creative Commons Attribution License to all works we publish.
This work is licensed under cc by 2.0