Mobile home repossession

Hi Tlevine,

Your best bet is to contact the lender for a short sale. I would suggest you to keep in touch with your lender to check out if they will accept your offer for a short sale or not.

As far as the new owner is concerned, he may ask you to leave the property. You'll have to negotiate with him so that he agrees to let you stay in the property for some more time so that you can sell off the property.

Thanks

I have since contacted Greentree to find out about a short sale but was told that they will only take the full amount. We are actually going to try to rent out our home for $600 a month so hopefully we will get some bites on that. The only thing I do not know anything about is how you go about renting out a mobile home that is in located in a park? Has anyone ever had any luck renting out a home that is in a park before? Any suggestions will be great. Thanks!

Hi Tlevine,

In my opinion, you will be able to rent the mobile home located in the mobile home park provided your Mobile Home Park Owners Association agrees to it.

Take Care.

Thank you Sara. I will check with the managers to see if I can rent. It appears that this is the only way to go if a person wants to get out under the burden of a mobile/manufacture home. Too bad there are no rules governing the lending practices of mobile homes.

I have another question, if I sell my mobile home for $30,000 and the balance remaining is $30,000 is there any suggestions on how I can pay off the remaining balance. We are looking at purchasing another house and as noted in the above post we are also looking into renting out the mobile home (which is on a rented lot in a community). The bank does not accept short sales (it is Greentree) and because it is titled property a deed in lieu is not possible.

Hi Tlevine,

You can contact the lender and check out if he can offer you a payment plan or not. If he gives you a payment plan to pay off the debts, then it will be easier for you compared to paying the whole amount at once. However, you should note that if you cannot pay the deficient amount, then the lender may charge off the account.

So if your under water on a mobile home purchase and you walk away, they can get a judgement for deficiency. Which I believe is going to be the diff in what they sell for and FAIR MARKET VALUE, not loan amount. Can they garnish wages?

Hi dmcgowan!

Welcome to forums!

The deficient amount is the difference between the mortgage held by the lender and the amount for which the property is sold off. If you are unable to pay the deficient amount, then the lender can garnish your wages.

Feel free to ask if you've further queries.

Sussane

You may want to check your facts Sussane, in Alabama it is sale price minus fair market value, and some states do not have a defiency law

got a call from greentree today about a doubleiwde that was repo'd back in 2000.iIt had so many problems we turned it over in 19999 it took them a little over a year to get it,it no longer appears on my credit report.Isn't it passed the statute of limitation.

Hi Eden!

Welcome to forums!

You need to check out the SOL laws of your state to know whether or not the time period to collect the dues are over. The SOL period to collect the dues can vary from one state to another.

Feel free to ask if you've further queries.

Sussane

I bought a trailor house 10 years ago lived there 3 years had a wreck they told me to move to take it because i got behind they never got it and i jus found out ti still mine I owe the taxes and lot rent what do I do

Welcome sonya,

If the property is in your name, then you will be liable for paying the taxes and the lot rent unless your property is sold off. You should have removed the property from the place when they asked you to move it. You can speak to an attorney and check out if he can help you in this matter.

Mobile home owned by another party was repossessed. Mortage Company said they sold the home on Feb.19th. Would not give me any information on who purchased the home. I went to the tax assessors office and it has not been registered yet. How do I get this mobile home off my land when I have no idea who owns it

Hi Guest,

You can contact the Department of Motor Vehicles and check out the name of the property owner.

Thanks