Posted on: 25th Jun, 2009 02:09 pm
I am inheriting land that has a lien on it. The land was put up for collateral on a mobile home. I had heard that there is a recent law that land in this situation cannot be seized, only the mobile home; the land will have a judgment against it, but cannot be sold. Is this true?
Hi
If you have kept the land as a collateral for the mobile home loan and you default on the loan, the lender will have the right to foreclose on the mobile home as well as the land. This is what generally happens. I have not heard of any such laws that prevent the lender from selling off the land.
If you have kept the land as a collateral for the mobile home loan and you default on the loan, the lender will have the right to foreclose on the mobile home as well as the land. This is what generally happens. I have not heard of any such laws that prevent the lender from selling off the land.