Notice of Default and right to cure default

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Icon Mini Profile rplut





Joined: 28 Apr 2009

Posts: 1

1.37 Dollars($)
Post Posted: Tue Apr 28, 2009 11:57 pm    Post subject: Notice of Default and right to cure default
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I received a notice of default from my lender on a manufactured home I purchased in 2000 in the state of Calif. I pay a monthly fee for renting the land. (I"m 2 months behind on my payments). I was laid off 7 months ago and this is the reason I'm behind in my payments. I also had a bankruptcy that was discharged in March 2006. If I can't make up these 2 payments within the 45 days I received the default notice, what are my options? What is the time frame and sequence of events in having my manufactured home reprossessed by the lender and myself being evicted?
Icon Mini Profile jenkin7
jenkin7




Joined: 04 Jun 2007

Posts: 4537
Location: Hawaii
728.42 Dollars($)
Post Posted: Wed Apr 29, 2009 3:08 am    Post subject:
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Hi rplut,

The laws regarding a mobile home repossession vary widely from one state to another. In some states, if the borrower fails to get current on the payments within the notice period, the lender can repossess the home with no further notice or court action. But some states do require the lender to obtain court's permission to foreclose on the home. Some states also allow a redemption period to the borrower during which he can get his home back on payment of a certain amount of money. You need to check your state laws regarding this.
dlp

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Post Posted: Sun Jun 14, 2009 12:18 pm    Post subject: notice of default & right to cure default
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Received notice dated 5/26/09. I have 31 days to cure default. Had to pay 1,293.34. Which is now paid in full. Does the mortgage company have to stick to his agreement before taking any action.
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