Posted on: 26th Aug, 2011 06:20 pm
My husband and I agreed to carry a note on our mobile home of $75K for 5 years with interest only payments and a baloon payment at the end of the term. I have been notified the buyers have filed for bankruptcy. What happens to my mobile home?
Hi dpearce,
As the buyer has filed bankruptcy, he will be able to get a discharge from his obligations toward the mortgage. The bankruptcy trustee may sell off the mobile home and use the sale proceeds to pay you as well as other debts. For better assistance in this regard, you can take an opinion of a bankruptcy lawyer.
Thanks
As the buyer has filed bankruptcy, he will be able to get a discharge from his obligations toward the mortgage. The bankruptcy trustee may sell off the mobile home and use the sale proceeds to pay you as well as other debts. For better assistance in this regard, you can take an opinion of a bankruptcy lawyer.
Thanks