Posted on: 18th Apr, 2011 02:02 pm
I told the finance Co.I could no longer afford the mobile home I haven't lived in for 4 years.(rental for 2) I told them to come get it, they have and sold it. I still have a $35000.00 balance. I'm broke and can't afford to pay anything! What can they do to me?
Hi ellis!
Welcome to forums!
The lender has the rights to come after you for the deficient balance resulting from the sale of the property. You will have to negotiate with them so that the lender forgives the deficient balance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The lender has the rights to come after you for the deficient balance resulting from the sale of the property. You will have to negotiate with them so that the lender forgives the deficient balance.
Feel free to ask if you've further queries.
Sussane
Ellis, you can certainly try to get the lender to ignore the outstanding balance, but that may be difficult.
Nevertheless, if you cannot make payments, that's that. Just give them the full skinny on your situation so they'll know what to expect.
Nevertheless, if you cannot make payments, that's that. Just give them the full skinny on your situation so they'll know what to expect.
It depends on the state and the type of loan that the MH was secured by. If you live in a deed of trust state, and the MH was permanetly attached the the foundation, and you owned the land, and you have a "power of sale clause" on your note, then you cannot get a defiency judgement.
