Posted on: 29th Jan, 2010 01:06 am
If I am forced into a mobile home foreclosure, will I still be responsible for the property lease rental payments?
Hi STAN,
If your mortgage lender forecloses on your mobile home and sell it off at an auction, you will not be responsible for the rental payments. Whoever purchases the home will be the new legal owner of the property and will be responsible for the mortgage payments. However, much depends on the terms of the lease agreement you signed for the rental payment. But generally, once you lose your property to foreclosure, you are not supposed to be responsible for the rental payments.
If your mortgage lender forecloses on your mobile home and sell it off at an auction, you will not be responsible for the rental payments. Whoever purchases the home will be the new legal owner of the property and will be responsible for the mortgage payments. However, much depends on the terms of the lease agreement you signed for the rental payment. But generally, once you lose your property to foreclosure, you are not supposed to be responsible for the rental payments.
Maybe I did not ask the question correctly. If my mobile home should go into foreclosure, will I have to pay the land lease rental payments while the bank has posession of the home? In other words will I have to pay rental on the leased land while the bank waits to sell the house?
>>will I have to pay rental on the leased land while the bank waits to sell the house?
Your obligation is to pay the payment on the Mobile Home and rental space. They are two completely separate obligations, and you're suppose to pay both of them. Since you're paying for your Mobile Home anymore, you're in foreclosure. If you stop paying the rent too, they'll kick you out of the park. Read your rental agreement and it'll explain what they'll do, and the timeframes they'll do it in, if you stop paying rent.
Your obligation is to pay the payment on the Mobile Home and rental space. They are two completely separate obligations, and you're suppose to pay both of them. Since you're paying for your Mobile Home anymore, you're in foreclosure. If you stop paying the rent too, they'll kick you out of the park. Read your rental agreement and it'll explain what they'll do, and the timeframes they'll do it in, if you stop paying rent.
