Posted on: 17th Sep, 2010 10:26 am
My income will be slashed by almost 2/3's by the end of the year and I know I won't be able to afford my mortgage and lot rent. I've been trying to sell my manufactured home for about three months and hope it will sell but if it doesn't I will fall behind on payments. Can you tell me what I can come to expect regarding foreclosure/repossession in the state of california and the timeframes?
Thanks,
Thanks,
Hi paul,
If you're unable to pay the mortgage, the lender will repossess your manufactured home and sell it off in order to recover his dues. However, in California, the lender will not be able to come after you for the deficient balance resulting from the property sale. Once your property is repossessed, the lender will send you an eviction notice which will mention the time period to leave the property. You'll have to leave the property within that time period.
Thanks
If you're unable to pay the mortgage, the lender will repossess your manufactured home and sell it off in order to recover his dues. However, in California, the lender will not be able to come after you for the deficient balance resulting from the property sale. Once your property is repossessed, the lender will send you an eviction notice which will mention the time period to leave the property. You'll have to leave the property within that time period.
Thanks