Mobile home foreclosures or repossession - What next?

hi ron,

after you file chapter 7 bankruptcy and get a discharge, you're not personally liable for paying the mortgage. the lender will sell off the property and recover as much as possible. you may apply for a va loan in the future. if you meet the required criteria of the lender, then you may be able to qualify for a va loan.

My brother and I lend our credit to an Uncle, he tolds us that after his credit got better he will refinanced and change names, till this date that hasn't happed. We want to return the keys to the lender because we cannot afford any of this payments. Can you please advise

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

The park won't let me sell my house because they want me to foreclose so they can buy my house cheap. And the neighborhood has gone to hell, drug dealers next door. If I stop making payments and let the bank foreclose will the responsibility for the lot rent then go to the bank? What if I file bankruptcy and give the house back to the bank. Which is more likely to protect me from future lawsuits. I just want out.

How long does it take them to foreclose usually?

Hi Lissa,

Unless the property is sold off at the foreclosure auction, you'll be liable for the lot rent. Once the property is sold off at the auction, the new owner will have to pay the lot rent. It will be same though you file bankruptcy. If you file bankruptcy and get a discharge, there are less chances of lawsuits being filed against you. It will take around 90 days to complete the foreclosure process.

Thanks

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.

Hi Pert,

If your name is not mentioned on the mortgage docs, then you're not personally liable for paying the loan. You can stop paying the dues and ask your mother-in-law to pay it on her own.

Thanks

Vanderbilt foreclosed on our mobile home we own the land they have sold the trailor to another company but so far they havent removed it from our land what can we do to get it off our land?

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.

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

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

I thank the person who was trying to help me. But my manufactured home is on a rented lot. I believe I stated that. I looked into it and the bank said they can not do a remodificatin loan for home that is on a rented lot. It must be on my own private property. But thank you anyway.
What I really need to know is how long does it take for the process to completed on a repocession. Because I need to save the money to move out if the bank can not help me any other way. My boyfriend will buy a home somewhere else in his name only. Actually we are married now. This home I own is in my name only. I wanted hs name on it but the bank said no.

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?

You will have to sign a formal deed and surrender the property to the lender. After the repossession, when the lender sells off the property, you will be liable for any deficient amount resulting from the sale of the property.

My mobile home has been repo .The Home Loan was in my mom name she said let it go cuase i didnt have money to pay it and she didnt either she is on fixed income and now the company trying to come after her for 42,000 dollars she is 87 yrs old the stress is killing her she can pay this their threating to hook on to her taxes or freezing her accounts can they do this?