Posted on: 10th Jul, 2009 04:12 pm
Is a mobile home foreclosed on or repossessed? What is the difference and how do I know which one applies to me?
foreclosure is a legal action on real property. a mobile home, unless it is affixed to real estate, is personal property. personal property is repossessed.
based on what you have, you'll be affected by one or the other if you're in default. in either event, the legal action is taken so that the lender can take possession of the collateral due to a default in payments.
based on what you have, you'll be affected by one or the other if you're in default. in either event, the legal action is taken so that the lender can take possession of the collateral due to a default in payments.