Mobile home foreclosures or repossession - What next?

Hi Lynn,

Your query has been replied to in the given page:
http://www.mortgagefit.com/postdeal/about50437.html

Take a look at it. I hope it will help you.

Thanks

I have tried for two years to sell my mobile home....no interest in it...I'm moving out of Michigan> My only choice now is to let it go back to bank what will happen then?

Welcome j_bob,

Once you surrender the property to the bank, the property will be foreclosed and you'll be liable for paying off the deficient balance resulting from the sale. Moreover, a foreclosure will reduce your credit score by 250 points.

I want to buy 1965 mobile home. Need to find a company that doesn't ask for 30% down.

Hi carol!

Welcome to forums!

If you want to take out a conventional loan, then you will be liable for paying 20% down payment. If you go for a FHA loan, then you'll be liable for paying 3.5% down payment. This community has a large number of lenders. If you wish, you can seek a no obligation free mortgage quote and check out if you can get a loan.

Sussane

Hi, I live in Mass. My mother passed away and there is still an outstanding amount owed on her mobile home. She refinanced in her 70's with a company who needless to say is no longer in business at a 11% interest rate!! The mobile is only worth about what is owed or less. The bank is not willing to renegotiate because they were not the original lender. The home is empty and I can not afford to pay her lot rent $450/mo I am not on her title or the mortgage, if the bank repos the unit would I be responsible for any additional debt?

Hi CathyL,

As your name is not mentioned on the mortgage of the property, if the lender forecloses the property, you won't be liable for paying any additional debt. The lender won't be able to come after you for any deficient balance.

Thanks

I have paid $5000 a year in interest on a $50,000 dollar home for 12 years now I did not realize what kind of loan this was as my husband and I both signed at the time and he and I got a divorce I took over the hom and have not been able to live in the home as it is in West Virgina and I have to work in Houston my parents take care of it but I am going to be 60 and I cannot see paying for another 20 years I do not own the land so what are my option and what will happen if I should advise them to come and get this home.

Hi Vivian,

You can let the lender foreclose the property. This will have a negative affect on your credit report and your scores will go down by around 250 points. Also, you won't be able to qualify for a new mortgage within the next 3-4 years. Apart from that, the lender may come after you for the deficient balance resulting from the sale of the property.

Take care

greentree servicing holds the papers on a mobile home on my lot. Renter left and bank foreclosed on mobile. I want them to remove the mobile . they say they have written of the mobile loan off. So they say the mobile is my problem What if anything canI do

Hi patti,

There may be hardly anything that you can do. Nevertheless, you may contact an attorney and check out if he can tell you a way out which will help you in forcing the lender to remove the property.

Thanks

my husband die and the lot i rent the realitor said i owe back paymentson the lot and he gave me a3 day notice and i thought i had to be out in three days so i used my two house payment now they want to foreclose on me how long does it take to foreclose on a mobilehome do i get to go to court so i can tell my story why i was late

i dont know where to turn is there anybody out that can help me i cant find no body to help i guess me and my husband ashes will have to stay in my car i don t no what to do i guess ill will give up because there nobody out there will help me

Hi tina,

What kind of help do you need? Please post your query in details so that the members experts participating here will be able to help you.

Thanks

I HAD TO LEAVE MY HOME BECAUSE I COULD NOT AFFORD TO MAKE THE PAYMENTS ANYMORE WITH MY NEW PART TIME JOB. I CAN NOT KEEP BORROWING MONEY FROM FAMILY AND MY HUSBAND IS NOT ABLE TO HELP ANYMORE. WE HAVE TEMPORARILY SEPARATED. SUNTRUST BANK IS SUING ME NOW. CAN THEY TAKE MY SALARY AWAY FROM ME RIGHT AWAY FROM MY CHECKING ACCOUNT? OF IF I HAVE ANY SMALL SAVINGS CAN THEY TAKE THAT NOW?