Posted on: 04th Jan, 2008 05:54 pm
The repossession procedure has already happened on my mobile home. (due to divorce and neither wanting to keep the home, my name was on the loan not my spouses, although we were married at the purchase) I originally purchased the home for 23,000 and financed 19,000. It was on a 15 year loan at 12 percent inetrest and there was 8 years paid on the loan. (i think with a remaining balance of 13,000)
My question is what will happen after the repossession. At present time, what will be the procedure now.
My question is what will happen after the repossession. At present time, what will be the procedure now.
Hi compasspink,
Welcome to the forum.
After the reposition of the mobile home, it will be sold. I would like to know where do you stray? Are you staying in a community property state? If you stay in a community property state, than the profit will be equally distributed between both you and your spouse.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
After the reposition of the mobile home, it will be sold. I would like to know where do you stray? Are you staying in a community property state? If you stay in a community property state, than the profit will be equally distributed between both you and your spouse.
Feel free to ask if you have any further questions.
Best of luck,
Larry
The state of Tennessee is where the mobile home is located. I am thinking there will be no profit but a minus on the home.
Hello Compasspink,
If the unpaid mortgage balance is not fully recovered from the selling price then you shall remain responsible to pay this difference as you are on the loan. If the lender seeks a deficiency judgment then you have to pay this off. He might even forgive this amount but that completely depends on him.
If the unpaid mortgage balance is not fully recovered from the selling price then you shall remain responsible to pay this difference as you are on the loan. If the lender seeks a deficiency judgment then you have to pay this off. He might even forgive this amount but that completely depends on him.
Husband had signed in '99 for then separated wife to get mobile home. Home was repo'd 4-5 months later. Now, after 9 years of silence, constant phone calls for him to pay "23,000. for this trailer...?????Why?? And why now?? What can be done, and why this amount???
Hi Linda!
Could not understand your question. Was your loan in any case charged off by the original lender? If yes, then the servicer is asking you to pay the loan I guess.
Thanks,
Jerry
Could not understand your question. Was your loan in any case charged off by the original lender? If yes, then the servicer is asking you to pay the loan I guess.
Thanks,
Jerry
If Linda's husband 's 'signed-for' mobile home was repo'd within 4-5 months, how can they charge him this amount? Do they get the mobile home as well as the 23,000.00??? That doesn't seem right!
we need the so we can live in the house we borrow . The moblie home is up for sell, one year ago may and still trying to sell it. My sister is out of work too. I'm on dis able,from 2000 and we need to get the moblie home
sold now.
sold now.
Try lowering the price of your mobile home and listing it on the market. I hope it will help you in getting buyers for your property.