| Author |
Message |
|
|
Mary
Guest
0.10 Dollars($)
|
 Posted: Tue Jan 16, 2007 1:00 pm Post subject: What happens if mobile home is repossessed? |
|
|
My mother-in-law has a mobile home in Texas and a house in New Hampshire. Her husband passed away this last year and she can no longer afford the payments. She owes way more than the mobile home is worth. If she allows the mobile home to be repossessed what happens?
Can they put a lien on her other house? What if she sells that house first can they go after the proceeds? Can they go after her SS money or her pension? If she has gifted money to anyone in the last year can they go after that person?
She does not care about her credit but she does need her retirement to survive.
Thanks,
Mary
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
| |
|
 |
Bauer
Guest
0.10 Dollars($)
|
| Posted: 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. |
|
| |
|
|
Henrietta
Guest
0.10 Dollars($)
|
| Posted: Tue Jan 16, 2007 2:12 pm Post subject: |
|
|
| Quote: | | If she has gifted money to anyone in the last year can they go after that person? |
For a deficiency judgment recovery they can not ask for money from a person your mother-in-law may have gifted anything last year. But can put a lien on the other house for the recovery of the balance dues.
Thanks
Henrietta Cole |
|
| |
|
|
 Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1514
Location: MASSACHUSETTS
132.40 Dollars($)
|
| Posted: 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 |
|
| |
|
|
