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Mobile home repossession

Posted on: 16th Jan, 2007 12:00 pm
my home is ready to be repossed its on the market for 122.500 but i owe 103.ooo wen my home is sold by the bank am i still liable to pay wat it doesnt make
Hi Jody,

Welcome to the forum.

If the bank is selling the home for more than what you owe, it is likely that you will get back the extra cash amount. But hopefully it will be offset by the legal fees you'll have to pay for repossession. The bank will ask you to pay the legal fees of repossession.

Hope this helps...

God bless you.

Samantha
Posted on: 01st Aug, 2008 05:10 am
I have a repossed mobile home,its been 7 years how long does it take to fall off your credit
Posted on: 28th Oct, 2008 06:02 am
Hi kay!

A mobile home repossession will stay in your credit reports for 7 years. As you have said that 7 years have already been completed, you can check with the credit bureaus whether it has gone from your credit report or not.

Thanks,

Jerry
Posted on: 29th Oct, 2008 02:35 am
I let my mobile home be repossed. Now I want it moved off my property,
the mortgage company has sold the home. How can I get somebody to move the house?
Posted on: 23rd Feb, 2009 09:36 pm
You can ask the new owner of the property to move the house to a different location.
Posted on: 25th Feb, 2009 01:54 am
I had a mobile a few years ago and I was unale to pay for it because I lost my job? it has been 8 years and the home has already been sold. Why is the Finance company still charging me for the home and garnishing my income taxes? is this legal?
Posted on: 21st Mar, 2009 05:32 pm
I think it's legal. The lender will have the right to recover his debts from you. It would be better if you could take the help of an attorney and try to settle the issue with the lender.
Posted on: 22nd Mar, 2009 10:15 pm
Hi

It seems that though the mobile home was sold long ago, the sale proceeds were not enough to satisfy the loan amount that you owed. Thus, the lender obtained a deficiency judgment against you to make up for the deficient amount. I think, as Ana has said, you should consult an attorney and try ans settle the matter with the lender.
Posted on: 26th Mar, 2009 07:13 am
I live in Ga. and I am looking for a single or double wide repossed to move around $10,000.00.
Posted on: 27th Mar, 2009 05:43 pm
Hi sherri!

Welcome to forums!

You will have to contact the retailers who sell mobile homes in order to buy a single wide or double wide mobile home. They will be able to give you a fair idea about the cost of mobile home.

Sussane
Posted on: 27th Mar, 2009 08:56 pm
We bought a mobile home in 2000 and the gentleman we bougth the land from resold it and we had no where to move the home. We voluntary turned the house back to Vanderbilt and they resold it in Dec 2004 and now they say we still owe 7000 for a house someone else lives in what can we do the company reported it Aug 2008 as being repossed but we left in Nove 2004.
Posted on: 26th Apr, 2009 06:45 pm
Hi Tammie

Though someone else lives in the house, if you owe money to the lender, you'll have to pay it off. However, as someone else lives in the property, you can negotiate with him/her and check out if that person can pay a part of the debt.

Thanks.
Posted on: 27th Apr, 2009 02:22 am
We currently live in a 2001 Palm Harbor home that is sitting in a mobile home park. We owe a whole lot more than what the house it worth. Currently we owe $60,000. We also pay over $300 a month for lot rent ONLY. Also we have a storage shed that we pay $70.00 a month for. So are total amount that we pay a month that is our home is $1170 a month. I don't know about you but I could get a really nice house for that. Also the park was built in 1999 and can fit 150 homes in it. This park currently has only 37 homes in it. This is about 20 less then when we moved in it in 2001. Recently the owners moved out all of the brand new homes that have been sitting there for 2 years empty. They also moved several other empty homes. The owner has been losing money on this property for years so he may have let it go. We need a bigger house and we do not know what to do about this one. Any suggestions?
Posted on: 09th May, 2009 06:18 am
Welcome Tlevine,

You are in a tough situation. You can apply for a short sale or a deed in lieu with your lender and check out if he accepts your request or not. However, you should note that going for a deed in lieu or short sale will effect your credit score and lower it.

You can even try and rent the property and purchase another property. From the rental income, you can pay off the mortgage dues of the mobile home.
Posted on: 10th May, 2009 10:49 pm
Thank you for your suggestions. We have looked into renting out our home but anyone that has been interested have been thrown off by having to pay that much for a "mobile" home (they want to pay $300 a month for a home that is drywalled and has a washer and dryer with it) . The managers of this part are also very selective with who they want in here. Which is understandable because you do not want people that are going to cause trouble or be disruptive in your neighborhood. I will see what happens with the bank on the short sale. I do know that the home is actually titled property so the rules of foreclosure do not apply to this home. We also just heard that the park went bankrupt so now the residents of this park are feeling very nervous about the current situation because the new owner may force us out at which time we would have no choice but to let our home go.
Posted on: 18th May, 2009 08:46 am
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