Posted on: 24th Nov, 2009 01:39 pm
A friend owns a manufactured home in TX and decided to let the bank forclose when he moved into a rental home elsewhere. The land is on my property and I offered to take over payments but the home remains in his name. For the past two years I have rented it out, but the repairs necessary after the last renter vacated are more than I can afford. The home has trees around it which have grown fairly large. Can the mortgage co. cut down my trees and my barb-wire fence to take his home? Can they garnish his wages or go after the property which is not his? They will have to do considerable damage to my property to remove the home. Will they have to ask permission or repair the damages?
Hi Suzie,
As far as I know, if the lender wants to foreclose the home, then they would take the property "as is". I don't think the lender would be bothered to cut off the trees. They will sell off the property to recover the dues. If your property us damaged, then I don't think they would pay you for it or repair it. However, they may inform you that they are removing the property. As far as the deficient amount is concerned, the lender would garnish your friend's wages. They won't go after the property which is not his.
Thanks
As far as I know, if the lender wants to foreclose the home, then they would take the property "as is". I don't think the lender would be bothered to cut off the trees. They will sell off the property to recover the dues. If your property us damaged, then I don't think they would pay you for it or repair it. However, they may inform you that they are removing the property. As far as the deficient amount is concerned, the lender would garnish your friend's wages. They won't go after the property which is not his.
Thanks