Posted on: 29th Jan, 2013 11:52 am
My mobile home was totalled almost and rendered unliveable here in SC. Long story, but I have elected to have it repossessed (working with lender to do that). I will be solely responsible for the balance (long story but unavoidable). Will the lender allow me to make repayment of the deficiency balance in payments or will I be hit with an astronomical situation and a resulting judgement on my credit? I don't know what to expect. I asked how they handle it, but was told they have to take the home first and then they will discuss "repayment" with me. Just curious what I have to "look forward to". :(
Hi needlemethat,
You can contact the lender and set up a repayment plan with the lender regarding your deficiency balance. If the lender gives you a repayment plan, it will be easier for you to pay off the balance amount.
You can contact the lender and set up a repayment plan with the lender regarding your deficiency balance. If the lender gives you a repayment plan, it will be easier for you to pay off the balance amount.
Hi needlemethat!
Welcome to forums!
As they have mentioned that they will discuss the repayment plan after they repossess, I think you should wait till that time without taking any guesses.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As they have mentioned that they will discuss the repayment plan after they repossess, I think you should wait till that time without taking any guesses.
Feel free to ask if you've further queries.
Sussane