Posted on: 19th Aug, 2009 12:33 pm
If we need to file a bankruptcy, are manufactured home loans eliminated without loss of the home?
Hi Guest!
Welcome to forums!
What type of bankruptcy are you planning to file? If you file Chapter 13 bankruptcy, then your lender will offer you a payment plan depending upon your situation. You will have to clear off the mortgage dues within 3-5 years using this payment plan.
If you are planning to file Chapter 7 bankruptcy, you will not be personally liable for the loan if you do not reaffirm it. You can, thus, surrender the property to the lender. However, if you reaffirm the debts, you would become personally liable for the loan again and would have to make regular payments.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
What type of bankruptcy are you planning to file? If you file Chapter 13 bankruptcy, then your lender will offer you a payment plan depending upon your situation. You will have to clear off the mortgage dues within 3-5 years using this payment plan.
If you are planning to file Chapter 7 bankruptcy, you will not be personally liable for the loan if you do not reaffirm it. You can, thus, surrender the property to the lender. However, if you reaffirm the debts, you would become personally liable for the loan again and would have to make regular payments.
Feel free to ask if you've further queries.
Sussane
During a chapter 13 can a manufactured home be surrendered? My roommmate of 20 years moved out and I moved with him but without his income I cannot afford the home and they just are not selling. Many in the community have been on the market for years. If surrendered can the financial institution still obtain a deficiency judgement and am I still liable for it.
hi chris!
welcome to forums!
in chapter 13 bankruptcy, the lender gives an affordable payment plan so that you would be able to pay off the mortgage dues within 3-5 years. you do not have to surrender the property in case of chapter 13 bankruptcy. you can check out with your lender whether or not he would accept a deed in lieu of foreclosure in this case. if he accepts it, then you won't have to pay the deficient amount. however, if the lender forecloses the property, then you would be liable to pay off the deficient amount.
feel free to ask if you've further queries.
sussane
welcome to forums!
in chapter 13 bankruptcy, the lender gives an affordable payment plan so that you would be able to pay off the mortgage dues within 3-5 years. you do not have to surrender the property in case of chapter 13 bankruptcy. you can check out with your lender whether or not he would accept a deed in lieu of foreclosure in this case. if he accepts it, then you won't have to pay the deficient amount. however, if the lender forecloses the property, then you would be liable to pay off the deficient amount.
feel free to ask if you've further queries.
sussane
what exactly is a "manufactured home loan" and how is it different to a traditional mortgage?
Check out the following page in order to know about manufactured home loan:
http://www.mortgagefit.com/mobile-homeloan.html
http://www.mortgagefit.com/mobile-homeloan.html