Posted on: 15th Oct, 2012 02:41 am
Hi there… We purchased a mobile home on leased land in a mobile home park. However, after few months of this purchase, my partner died, leaving me responsible for all of the debts on the loan. I talked to the agent who sells homes in the park and he said it will never sell for anywhere near what I owe. He told me to treat it as a rental until I walk away and turn the keys into the bank. I am on social security disability. So I think my only source of income is protected from the bank. So my questions are, when I do miss my 1st loan payment how long do I have before I need to move out? Do I have a month here? What do I do to get the house ready to leave?
Hi Annaz,
You can miss your first payment whenever you feel like. But unless there are 3 or more missed payments, the lender will not consider a foreclosure of the property. After the foreclosure is complete, you will receive an eviction letter which will mention the time period within which you will have to leave the property. However, you should note that voluntary missed payments may create problems for you unless you can prove your financial hardship.
Take care
You can miss your first payment whenever you feel like. But unless there are 3 or more missed payments, the lender will not consider a foreclosure of the property. After the foreclosure is complete, you will receive an eviction letter which will mention the time period within which you will have to leave the property. However, you should note that voluntary missed payments may create problems for you unless you can prove your financial hardship.
Take care
Hi Annaz!
Welcome to forums!
It is true that as you are dependent upon social security disability income, the lender may not come after your income. However, when you decide to leave the property, you should stop all the utilities. But unless your lender sells off the property or it is transferred to someone else, you will remain liable for the maintenance of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is true that as you are dependent upon social security disability income, the lender may not come after your income. However, when you decide to leave the property, you should stop all the utilities. But unless your lender sells off the property or it is transferred to someone else, you will remain liable for the maintenance of the property.
Feel free to ask if you've further queries.
Sussane