Posted on: 04th Apr, 2011 05:28 pm
I own a moble home in a moble home park in California. I cant make my payments anymore and my park wont let me rent it out..I owe 80,000 and im lucky to get 55.000... plus im in a interest only loan so i cant even let somone take the loan over.What are the laws for Forclosure on mobles in Cali?will i really be responsible for their leagal fees ,Taxes and the difference on what they sell it for?
Hi stylingirl!
Welcome to forums!
If it is your primary home, then the lender will be able to foreclose the property but he won't be able to come after you for any deficient balance. He will forgive the balance amount. However, this forgiven balance will be considered as your income and you'll be liable for paying taxes. But again, due to the Mortgage Forgiveness Debt Relief Act, you won't be liable for paying any taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If it is your primary home, then the lender will be able to foreclose the property but he won't be able to come after you for any deficient balance. He will forgive the balance amount. However, this forgiven balance will be considered as your income and you'll be liable for paying taxes. But again, due to the Mortgage Forgiveness Debt Relief Act, you won't be liable for paying any taxes.
Feel free to ask if you've further queries.
Sussane