Posted on: 16th Jun, 2009 01:56 pm
My husband and I have considered foreclosure because it is becoming increasingly difficult to maintain our mortgage due to medical bills, sick children, etc. My husband has a piece of property with a double wide on it that belonged to his mother. We were considering moving into it -payment free-if foreclosure happened to us. My question is, can the lender for our home confiscate the property/double wide on it to pay any deficiencies that may occur if our home is foreclosed on and sold at auction and the loan is not paid off?
Hi Kay,
Even if your current property is foreclosed, your lender will not be able to confiscate or foreclose on the double wide home. They can sue you for the deficiency, but they cannot foreclose on the home, unless it is collateral for the loan. However, the lender might place a lien on the double wide home if you do not pay off the deficiency.
Even if your current property is foreclosed, your lender will not be able to confiscate or foreclose on the double wide home. They can sue you for the deficiency, but they cannot foreclose on the home, unless it is collateral for the loan. However, the lender might place a lien on the double wide home if you do not pay off the deficiency.