Posted on: 10th Jul, 2013 12:26 am
My brother owns a mobile home and it is placed on my land. He has now defaulted on the loan. Can the lender now take away the mobile home without my permission?
Your brother must have taken the mortgage on the mobile home. If he defaults, then the lender will sell off the mobile home in order to recover the dues. There is nothing illegal in it.
Hi Guest!
Welcome to the forums!
Yes, the lender has full rights to take away the collateral which has been pledged for the loan. The lender will sell it off to get back their mortgage in full.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Yes, the lender has full rights to take away the collateral which has been pledged for the loan. The lender will sell it off to get back their mortgage in full.
Feel free to ask if you've further queries.
Sussane