Posted on: 14th Jul, 2012 09:05 pm
I am living in a mobile home about 25 miles from town.I have bad health.I want to stop making payments on Mobile home and just walk away and rent an apartment in town close to doctors and shopping.
Will I be arrested or put in jail if i stop making payments on mobile home. I do not own land home is on. Can't claim homestead exemption because i don't own land.
What is worst can happen?
Maynard
Will I be arrested or put in jail if i stop making payments on mobile home. I do not own land home is on. Can't claim homestead exemption because i don't own land.
What is worst can happen?
Maynard
Hello maynard,
If you have some equity in your home, there is a good chance that a big part of it may be exempt and would not trigger liquidation or increase in payment to the trustee.
:idea:
If you have some equity in your home, there is a good chance that a big part of it may be exempt and would not trigger liquidation or increase in payment to the trustee.
:idea:
hi maynard,
if you want to get rid of the property, then you can apply for a deed in lieu of foreclosure. if the lender accepts your request, then you won't be liable for paying the deficient balance resulting from the sale of the property.
thanks
if you want to get rid of the property, then you can apply for a deed in lieu of foreclosure. if the lender accepts your request, then you won't be liable for paying the deficient balance resulting from the sale of the property.
thanks
