Posted on: 17th Jun, 2010 11:55 am
If a mortgage loan on a doublewide falls into default, but the land is owned outright by the mortgagee, what happens to the land. The home is permanently fixed to the land by tax records.
Thanks
Thanks
Not sure if I understand. So the loan is secured solely on the structure? If so that is the only collateral the bank would be entitled to in the event of foreclosure.
Hi gtman!
Welcome to forums!
I completely agree with Nic.
If the structure was used as a collateral to secure the loan, then the lender will be able to come after it in case you default the mortgage payments. As you own the land free and clear, the lender will not be able to take it away from you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I completely agree with Nic.
If the structure was used as a collateral to secure the loan, then the lender will be able to come after it in case you default the mortgage payments. As you own the land free and clear, the lender will not be able to take it away from you.
Feel free to ask if you've further queries.
Sussane