World's Largest Mortgage Community

Under Texas law, when land is put up as collateral for mobile home, can the land be taken

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
pjfregia Joined: 25 Jun 2009 Posts: 1 1.00 Dollars($)	Posted: Thu Jun 25, 2009 2:09 pm    Post subject: Under Texas law, when land is put up as collateral for mobil I am inheriting land that has a lien on it. The land was put up for collateral on a mobile home. I had heard that there is a recent law that land in this situation cannot be seized, only the mobile home; the land will have a judgment against it, but cannot be sold. Is this true?
savior70 Joined: 25 Mar 2009 Posts: 1783 Location: Florida 239.40 Dollars($)	Posted: Fri Jun 26, 2009 4:55 am    Post subject: Hi If you have kept the land as a collateral for the mobile home loan and you default on the loan, the lender will have the right to foreclose on the mobile home as well as the land. This is what generally happens. I have not heard of any such laws that prevent the lender from selling off the land.

Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0