Mobile home foreclosures or repossession - What next?

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.

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

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

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

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

Welcome TAXI,

State laws keep on varying regarding such ownership of properties. You will have to contact an attorney and take his opinion in this regard.

Welcome LRAY,

Though your mother-in-law was not on the deed, if the mortgage dues are not paid on time, then the lender will foreclose the property.

Hi, we are in California and purchased a MH (it is from '62) from A LOT of money. We've been current but it is falling apart and we can't get a new loan to get a new one and to top it off, I lost my job 3/30. We didn't make a payment for March or April. It is financed through a previous owner. We are still current on the space rent and utilities. My in-laws and Mother are on the title as well as my husband and I who are primary. He stated he was going to send us something and never did and today my in laws received a letter stating the loan was in default and that we would need to vacate by 5/15 or they would take legal action. Umm, we are not going to vacate, but I wanted to see if anyone knew what legal action who would need to take to get us out or how long it might take. Also, since it is just a loan on the mobile home, does he have to take it and can we keep our "space"? Any advice, I am super lost. I am not trying to swindle my way out of paying, but my unemployment was denied and I'm still trying to fight that so I can have income to pay my bills. Thank you.

Hi Guest,

A query similar to yours has been replied to in the given page:
http://www.mortgagefit.com/california/mobilehome-vacate.html

Take a look at it. Hope it helps you.

Take care.

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

as far as i know, you will be able to stay in the property till the deed in lieu of foreclosure 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.

I lost my job and fell behind in my mortgage payments, I got a new job and the lender know where i work, when I got my new job they tacked on to my current payment almost 200.00 now with my lot rent and my mortgage i'm paying almos 1500.00 per month for lot rent and mortgage which is ridiculous, I can rent a home with a yard and a pool for that kind of money not to mention I only bring home 1500.00 per month, I am going to walk away from it I was wondering if they can garnish my wages for the deficiency, I only owe 58,000 on my home I'm sure they can get that for it but if they can't and they file a judgement can they garnish my wages for it, if for some reason they can't get the amount I owe on it at auction.

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

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?

Hi C Hunt,

As far as I can understand, you would be liable for paying the lot rent unless the bank repossess it. Also, after a foreclosure, you would be liable for paying off the deficient balance resulting from the property sale.

Thanks,

Jerry

My lender is going to repossess my mobile home . I live on Social Security and 2 small pentions from my company I worked for. I am 66 years old. Plkease just answer this question can they by law take my SS or pention? please answer quickly as I am in a real bind.