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Mobile home foreclosures or repossession - What next?

My investor who wants to repossess my home is constantly harassing me. But I am still current on my mortgage payments. If we don't pay an insurance payment and miss any property tax, they say that they will be taking our home. I am currently staying in a mobile home park. Can you tell me, if I apply to HUD will they help us pay off the loan and move into some other place?

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We received this in the mail on Monday from our mortgage company. Last week we spoke with them and they offered us a Deed in Lieu, to which we accepted with the stipulation that we are given until June 15th to vacate so my kids can finish school. We have not received the deed in lieu get, but my question is when we receive that, once we sign it does that mean we have to get out immediately? Or will it have a date to vacate by?

BTW this is a mobile home located on land in Florida....mortgage includes home and land. We are now 60 days behind on our payments as of today.

Thanks

Like | Dislike | Share | Posted: Tue, 05/04/2010 - 14:35 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Denice,

Well, it will depend upon the lender as to when he will repo the property. If you want to save it, then you can contact the lender and negotiate with him so that you can get some time to pay off the dues.

Like | Dislike | Share | Posted: Sun, 06/16/2013 - 23:26

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi!
My boyfriend owes $35,000 on his trailer here in Michigan. His lot rent is $425/month, his payment $400/month. I own a home and would like him to move in with me. He will not be able to get anything near what he owes on it, and the bank says that they wouldn't take under $2000 less than he owes as a short sale. His Dad co-signed, and the bank said even if he lets it go into foreclosure, he'll still owe that money to them...He doesn't have good credit, and feels totally hopeless. How can he get out? Do banks offer personal loans for the difference with no collateral? Can he re-finance to take his Dad's name off? help!

Like | Dislike | Share | Posted: Wed, 01/13/2010 - 11:07 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I purchased a dw ten years ago , my mom signed for it , i own the land , i had been thru bankruptcy so i could not buy , now im purchasing a house closer to work , my credit is good , the interest rate on the simple interest loan is at 12 percent , tried to re-fiance for better rate , no one will buy , cant go fha cause house sits on dirt , no slab , im in texas , would refi but have had no luck , thay all want land as calaterail , and slab , am thinking of letting go house cause ammurzation statement shows in 30 years i will still owe 29 k on a 63 k balance now , would keep house but looks like i will never own it ! have to move 50 miles into town to keep job , what are my reprucions for me and mom , house is solely in her name , she owns a house and has retired with retirement 401 k in bank , can they go after her ? or house ? please help , cannot find any answers no where

Like | Dislike | Share | Posted: Tue, 11/02/2010 - 08:15 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome LG,

Unless you are the owner of the property or the land and the borrower of the loan, no one can force you for the payments. You can either walkaway from the property or you can sell it off.

Like | Dislike | Share | Posted: Wed, 03/06/2013 - 21:04

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Cheryl!

Welcome to forums!

The lender can come after you in order to recover the deficient balance resulting from the foreclosure sale of the property. If you can't pay off the loan, then there are high chances that the lender will come after your savings in order to recover the debts.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 12/31/2012 - 22:19

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Vivian,

You can let the lender foreclose the property. This will have a negative affect on your credit report and your scores will go down by around 250 points. Also, you won't be able to qualify for a new mortgage within the next 3-4 years. Apart from that, the lender may come after you for the deficient balance resulting from the sale of the property.

Take care

Like | Dislike | Share | Posted: Tue, 06/28/2011 - 01:59

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi italianchickie!

Welcome to forums!

If you walkaway from the property, then the lender will foreclose it. If there is a deficiency, then the lender can garnish your wages. I would suggest you to contact your attorney and apply for a deed in lieu of foreclosure. You won't have to pay the deficient balance resulting from the sale of the property. Thus, they won't garnish your wages.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 05/28/2010 - 01:58

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi whitefeather,

If you cannot pay off the deficient balance resulting from the sale, then the lender can sue you in court in order to recover his dues. If you have any other property, then he can place a lien on it. The lender can even garnish your bank account or your wages.

Thanks

Like | Dislike | Share | Posted: Tue, 01/04/2011 - 20:22

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome alisha,

The lender will provide you with an eviction notice mentioning the time period to leave the property. You will have to leave the property within that time period. You may be able to charge a storage fee to the bank.

Hi JohnK,

I don't think the land will become involved in any way though the property is foreclosed.

Like | Dislike | Share | Posted: Sun, 12/18/2011 - 22:49

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi madeleine!

Welcome to forums!

I guess, as you do not have sufficient income, the lender is not ready to help you to refinance your mortgage. If you want to save the property, you can apply for a loan modification. If the lender agrees to it, you would be able to get a lower interest rate to pay off the balance but the term of the loan would increase.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Sat, 03/27/2010 - 01:55

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i am having a great deal of trouble paying for my manufactured home and a private lot rent for 400.0. my home is financed with Suntrust Bank for 556.00 and i have an insurance for 95.00 = 1,051. i lost my job and my boyfriend helps me to pay bills. its has been tough because i lost my job after 5 years. i am working part time now. we have a car bill with the bank. the bank refuses to help me with any kind of loan for this house. i was never late. any sugsttions?

Like | Dislike | Share | Posted: Fri, 03/26/2010 - 10:27 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have tried for two years to sell my mobile home....no interest in it...I'm moving out of Michigan> My only choice now is to let it go back to bank what will happen then?

Like | Dislike | Share | Posted: Tue, 03/22/2011 - 07:49 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I reside in Mobile, AL have been paying loan and insurance for approximately 10 years. My mother-in-law made this agreement with my deceased husband. I can no longer keep up the payments. How do i handle this. My mother-in-law is concerned about her credit.

Like | Dislike | Share | Posted: Tue, 12/14/2010 - 17:54 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Michelle,

Your query has been replied to in the given page:
http://www.mortgagefit.com/problems/mobile-home-repossession.html

Take a look at it. Hope it helps you.

Thanks

Like | Dislike | Share | Posted: Thu, 10/14/2010 - 00:41

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi craig,

You will have to pay off the deficient balance at once. However, if you're unable to do so, then you should contact your lender and request for a payment plan. If the lender gives you a payment plan, then you'll have to pay off the dues according to that plan.

Take care.

Like | Dislike | Share | Posted: Wed, 10/13/2010 - 01:49

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi cheryl,

As far as I know, no creditor can go after your retirement account in order to recover their debts.

Like | Dislike | Share | Posted: Tue, 01/01/2013 - 21:05

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

MY FATHERLAW PURCHASED A MOBIL HOME AND WHEN HE DID THE LAND HE BOUGHT FREE AND CLEAR HE DIED MONTHS LATER MY MOTHERANLAW HOME STEADED THE PROPERTY AND NOW SHES DEAD MY WIFE AND I HAVE BEEN PAYING THE TAXES AND THE MORGAGE FOR 11 YEARS IF FORCLOSED CAN THEY TAKE THE LAND THE DOUBLE WIDE SITTING ON FROM US AND ALSO WOULD I GET IN ANY TROUBLE BY REMOVING PROPERTY THAT HE PAYED FOR BEFORE FORECLOSURE THANKS

Like | Dislike | Share | Posted: Fri, 04/23/2010 - 19:52 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can they get into a ROTH IRA?

Like | Dislike | Share | Posted: Tue, 01/01/2013 - 03:56 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Jan,

Your lender will not be able to garnish your social security income or your pension.

Like | Dislike | Share | Posted: Mon, 08/23/2010 - 01:06

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi claudia!

Welcome to forums!

Your query has been replied to in the given page:
http://www.mortgagefit.com/problems/return-mobilehome.html

Take a look at it. Hope it helps you.

Sussane

Like | Dislike | Share | Posted: Fri, 11/05/2010 - 00:26

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Maria,

The Title 1 program allows you to take mortgages from approved lenders as a financing option for purchasing and/or lot. This can be done by taking out mobile home loans. The FHA insures the lender against financial loss if the borrower defaults. Credit under this program is offered on the basis of the applicant's credit history and his ability to repay the loan in regular monthly installments. The loan is also issued for refinancing the mobile home loan provided the mobile home is used as the principal residence of the borrower.

These loans are not government loans or grants, and these are not available at low rates. The interest rate for this kind of loan is fixed and depends upon the market rate prevailing in the area where your property is located, that too at the time when your loan is being made.

Hope this information will help you.

Thanks,
Caron.

Like | Dislike | Share | Posted: Mon, 01/02/2006 - 03:45 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I got my answer but pls let me know more about the title 1 program.

Like | Dislike | Share | Posted: Mon, 01/02/2006 - 03:10 | Post subject:

Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Maria,

If you are making your mortgage payments in time, then I don't find any reason as to why your investor wants to repossess your home. But in case you need to pay the insurance payment and property taxes, you should pay them in time so that you will not lose your home.

Regarding the HUD assistance, you should contact local lenders and enquire about the Title 1 program offered by the HUD. Under this program, loans up to $64, 800 are available for the combined cost of a lot and a mobile home.

Regards,
Jessica.

Like | Dislike | Share | Posted: Mon, 01/02/2006 - 02:38 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband died and I am returning to PA. I bought a manufactured home three years ago and still owe 58K on it, which noone would give me for the house. My community manager suggested abandoning the place, so I assume they expect to buy it cheap. Can they go after my savings to pay the difference on my mortgage?

Like | Dislike | Share | Posted: Mon, 12/31/2012 - 13:37 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I forgot to mention, the home in question is in TX.

Like | Dislike | Share | Posted: Mon, 12/31/2012 - 14:13 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I got behind on payments of my mobile home in a park. I had a sale that didn't work out. I had to let it go back to the bank. I have moved out and they are going to repossess it. They have already changed the locks. Have they taken possesion? Will I need to sign any papers? Will I be responsible for any of the balance? What if I can't pay?

Like | Dislike | Share | Posted: Fri, 02/25/2011 - 10:43 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a loan with greentree servicing. If they foreclose on my mobile home, Does Homestead protect me against them putting a lein on my land?

Like | Dislike | Share | Posted: Wed, 10/28/2009 - 16:27 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Your query has been answered in the given page:
http://www.mortgagefit.com/foreclosure/mobilehome-lien.html

Take a look at it. I hope it'll help you.

Like | Dislike | Share | Posted: Wed, 10/28/2009 - 21:31

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi kathy!

Welcome to forums!

Like any other negative item, the repossession will remain in your credit report for the next 7 years. However, with time, the negative effects of repossession will lower. So, your credit will start improving and you will be able to get a refinance for your existing home.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Tue, 11/15/2011 - 20:57

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi LRAY,

If your father-in-law and mother-in-law are mentioned on the property deed and mortgage, then the lender will be able to foreclose the property if you do not pay the dues on time. If the property has been used as a collateral for the mortgage, then the lender may sue you for removing it from the land.

Thanks

Like | Dislike | Share | Posted: Fri, 04/23/2010 - 23:31

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You should contact your mortgage lender and inform him about your present financial situation and your husband's surgery. If the lender considers your case, then you would be able to get a forbearance which will help you in saving your property.

Like | Dislike | Share | Posted: Mon, 03/15/2010 - 04:41

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome mike,

You can contact the local lenders offering [url=http://www.mortgagefit.com/mobile-homeloan.html]mobile home loans[/url] in order to get financing. If you meet all the required criteria of the lender (credit score, down payment, debt to income ratio, etc.), then you will be able to get a mortgage.

Like | Dislike | Share | Posted: Thu, 09/16/2010 - 00:49

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

As far as I know, you will be able to stay in the property till the [url=http://www.mortgagefit.com/deed-lieu.html]deed in lieu of foreclosure[/url] sale is over. Once the sale gets over, you will receive a notice to vacate the property within 3 days. At that time, you will have to leave the property.

Like | Dislike | Share | Posted: Wed, 05/05/2010 - 03:04

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what can thay do to you if you dont pay the deficent balance?After you let all go.

Like | Dislike | Share | Posted: Tue, 01/04/2011 - 14:05 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I got a letter stating the mortgage company is repossesing my home on the 21st. How long do I have to get out of the house? Does it have to go through some sort of court prosess?
Im in South Dakota

Like | Dislike | Share | Posted: Tue, 02/19/2013 - 19:03 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi skrizz,

A similar query has been replied to in the given page: http://www.mortgagefit.com/postdeal/about56093.html . Please take a look at it. I hope it will help you.

Like | Dislike | Share | Posted: Wed, 02/20/2013 - 22:51

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

The mortgage company will foreclose the property if you just let them to take it back. Your score would get reduced by 250 points and you would also be responsible for paying the deficient balance resulting from the sale of the property. In my opinion, it would be better if you could apply for a deed in lieu of foreclosure. Though your score would get reduced, you won't be liable for the balance amount.

Like | Dislike | Share | Posted: Tue, 04/06/2010 - 04:09

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi joe,

The lender will go after the person who owns the mortgage in order to recover the dues if you walk away from the property. As your mother's name is only mentioned on the property deed, her credit won't be affected and the lender won't go after her retirement savings. If your name is mentioned on the mortgage docs, the lender will come after you to recover the balance dues.

Thanks

Like | Dislike | Share | Posted: Wed, 11/03/2010 - 00:18

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi klove,

You should ask Vanderbilt to remove the property from your land asap. You can even contact an attorney and check out if you can take legal actions against them.

Like | Dislike | Share | Posted: Thu, 12/16/2010 - 20:54

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome j_bob,

Once you surrender the property to the bank, the property will be foreclosed and you'll be liable for paying off the deficient balance resulting from the sale. Moreover, a foreclosure will reduce your credit score by 250 points.

Like | Dislike | Share | Posted: Tue, 03/22/2011 - 22:52

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi. How much time do a person, before a mobile home is repossessed? For an example, if I havent made my payments in 3 months, can they take the mobile home immediately?

Like | Dislike | Share | Posted: Wed, 10/13/2010 - 15:34 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i dont know where to turn is there anybody out that can help me i cant find no body to help i guess me and my husband ashes will have to stay in my car i don t no what to do i guess ill will give up because there nobody out there will help me

Like | Dislike | Share | Posted: Fri, 09/30/2011 - 05:35 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

IF SOMEONE PAYS SOMEONE ELSES TAXES OVER A PERIOD OF TIME CAN THAT PERSON OWN THAT PROPERTY

Like | Dislike | Share | Posted: Sat, 04/24/2010 - 14:52 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a mobile home on a piece of rented land in NC. I am thinking about letting it go into foreclosure. It is really worn down. Of course we owe more than its worth. What happens to the lot rent, until the bank reposesses it?

Like | Dislike | Share | Posted: Mon, 06/14/2010 - 08:20 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have recently moved to find better job and got re-married. We cannot afford 2 house payments. I have a mobile home in a park. I am current on space rent, but can no longer afford to keep paying. What are the penalties for just letting the mortgage company take it back? What about Park penalties?

Like | Dislike | Share | Posted: Mon, 04/05/2010 - 13:16 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

NO HE PAYED DOWN NO LAND FOR COLATERAL WHAT IF THE MOTHERANLAW WAS NOT ON DEED BUT MARRIED WHEN PURCHASED IF NOT WOULD THAT EFFECT FORCLOSURE AND HOW COME THANKS

Like | Dislike | Share | Posted: Sat, 04/24/2010 - 19:29 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How long does a repossesion stay are your credit report? I want to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] for lower interest rates in the home we live in now.

Like | Dislike | Share | Posted: Tue, 11/15/2011 - 10:47 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Our mobile home is located on my Mother's property in Texas. If the mobile home is reposessed, could the land become involved in any way? The mobile home and septic tank are the only items on the loan. The land has been paid for a long time ago.

Thanks,
John

Like | Dislike | Share | Posted: Mon, 12/12/2011 - 19:36 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

got behind in payments, home was repossed, years ago, heard nothing, got a letter saying i owed over $6,000 and they are in procedure of garnishing my wages. when the debit is paid off, then should't I get the mobile home back because in the end i paid off the loan.

Like | Dislike | Share | Posted: Wed, 10/06/2010 - 11:07 | Post subject:

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