Mobile home foreclosures or repossession - What next?

Thanks for the info. Short-sale, if I can do this, can the lender forgive the remainder of the loan and charge it off as a loss to them and this may save my credit? Or at least a partial of the remainder of the loan?

yes margie,

The lender can charge-off the unpaid deficiency or a part of it. But you will have to negotiate for that. However, a charge-off doesn't mean you don't owe the debt. The lender considers as if you won't be able to pay off the debt but you are not free from the obligation. Know more about charge-off .

good luck

How many days do I have to move out of my home when they are going to repossess the home?

Hi Nix,

Welcome to the forum.

It will vary from one state to another. So can you please inform us in which state do you stay?

If you don't pay the lender will file you a default notice and within 15 to 30 days after the lender sends you the notice, he will set up auction.

Best of luck,
Larry.

Hi,

Welcome to Mortgagefit discussion board.

As far as I know, the lender gives you 90 days of time even after he sends you a default notice. Within this period if you do not take any action, the lender will set up auction within 15 to 30 days. But it varies from lender to lender.

Do let me know if you have any other questions.

Thanks
Blue

Hello, we are behind two payments on our mobile home, which is the time my husband and I got separated and he moved out, my question is, since I dont have a job right know, I am looking for one, how long will it be for the finance company to repo my home? and what happens next, sincde I can't make the payments. I live in Texas.
Marissa

hi marissa!

i think the mortgage is in the name of your husband. your husband has to pay the mortgage unless you are able to refinance it. if you or your husband do not pay the dues, the lender or the finance company will foreclose the property. this will badly affect your husband's credit as his name is in the mortgage. when a loan is 60 days past due, the lender will send you a letter notifying that foreclosure is the next step.

i think you should immediately contact your husband and ask him to pay the dues. you should also inform the lender about your present situation.

thanks.

I live in Texas. My brother was not able to keep on paying his house, so we agreed to take it. The only thing I dont understand is that he says that the loan is for 15 years more, but when i check the principal balance it still remains $95,000 to be paid off. How can this be?

Hi Flor

You can contact the lender and check with him. He will be able to help you understand the mortgage note. Your brother must have paid off some of the mortgage so the principal balance should not be so high.

Thanks.

I am thinking about giving my home back to the bank because I am a fulltime student and not working. I am current as of today, but know that I will not be able to pay for the mortgage, insurance, property tax and other miscellaneous bills for the entire year here in Texas. Just wondering how long this repossession will be on my credit report. My next home purchase will be CASH only!

Hi Ruby,

The lender will not take back the property from you. You will have to either apply for a short sale or a deed in lieu by writing a hardship letter. Lenders do not accept these if you are current on your payments.

If you go for a short sale, your credit will be lowered by 75-100 points but if you go for a deed in lieu, your credit score will drop by 250 points and it will remain on your credit for 4-5 years.

I put down $2000 cash and financed the remaining $8000.00 and Park depost $300. I live in michigan the park holds the lien and I had to fill for bankruptcy. How can I get a hard loan or any relief. I have paid %80 of loan. I need refinancing or something in between jobs

Hi Kiehlman,

As far as I know, you will be able to refinance with a lien on your home. But you will have to pay off the lien in order to complete the whole process of refinance.

Thanks.

Where does Ohio take and sell the taxed foreclosed mobile homes and manufactured homes?

I guess you need to contact a real estate broker in order to know about the sale and purchase of the taxed foreclosed mobile homes.