Posted on: 17th Jun, 2010 06:27 am
I purchased a mobile home and my land (I owned) is to be used as collateral. Got the construction loan, because it needed to be cleared, etc..mobile home is on stucco..now trying to get permanent financing, and just found out I lost my job. I am pretty sure I may not get the permanent financing to happen. I haven't advised yet, planning on, I know I will prob lose mobile home, will I lose my land as well..
Does anyone know..
Does anyone know..
Hi tmonihall!
Welcome to forums!
If you have taken a mortgage using the land as a collateral and if you're unable to pay off the loan dues, then you will lose it. The lender will foreclose the land if he does not receive the dues on time.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you have taken a mortgage using the land as a collateral and if you're unable to pay off the loan dues, then you will lose it. The lender will foreclose the land if he does not receive the dues on time.
Feel free to ask if you've further queries.
Sussane