Mobile home repossession

my son and his wife bought a small double wide.They used their land as collaterial, even though they did not have too. Now they are upon very hard times and cant make the payments. So is there anyway they can let the mobile home go back and keep their little piece of land.

Hi candace!

Welcome to the forums!

As the land has been used as a collateral, the lender will come after it in order to recover their dues. Your son can sell off the mobile home and use the money to pay off the land loan.

Feel free to ask if you've further queries.

Sussane

My brother passed in march 2013. We the heirs signed a paper saying we do not want the moble home. they sent papers and said it would be sold by may3 2013 . They have not come got it yet how long do they have to get it off of the property. we have called they said it is to wet can we charge them rent om=n the land?

Hi darlene!

Welcome to the forums!

You can contact the lender and ask them to sell off the property ASAP. You can contact an attorney and check out if you can charge them rent.

Feel free to ask if you've further queries.

Sussane

I bought a double wide when I purchased it I paid $10,000.00 down so I wouldn't have to use land for collateral. I have had it for 7 yrs. if they take the double wide back what will happen?

Hi Steph,

If they repossess the double wide, then it will have a negative impact on your credit. Moreover, if the property is foreclosed, then your credit scores will get reduced by 250 points.

Thanks

I own my land how long does the mortgage company have to get the mobile home off my land?

Hi Kim,

You can ask them remove the mobile home from your property ASAP or you can charge them rent.

Thanks

my husband and i purchased a double wide mobile home a few years back for 50,000. we are no longer together and he is at the home. the home is in my name not his, be on his family's land it is set up as preeminent with attached porches and walk ways. i am ill don't live there and am on disability, i am basically homeless and he is not making the payments. i asked them to come and get it and they said that if he is in the house they can't. what can i do to get out from under the loan because i dont have the money.

Hi denise!

Welcome to the forums!

If the lender does not receive the payments on time, then he will foreclose the property within a few months. However, if the mortgage is in your name, then the foreclosure will have a negative impact on your credit situation.

Feel free to ask if you've further queries.

Sussane