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Jennifer D | Repossession...Now what? |
10 years ago I bought a mobile home for 49,000. I lived there with my daughter for 7 years. 3 years ago, I married a wonderful man, and moved into his home. For the last 3 years, I have rented my mobile home to deadbeat tenants, who refuse to pay, and racked up many attorneys fees filing for evictions and garnishments. The entire time I was trying to sell the house, but the bank said I still owed 50K, and no one wanted to pay more than 30K. 6 months ago, my husband and I built a house, sold his home. We have since had 2 children, with another on the way, and neither his old home or the mobile was big enough for our growing family. After completely exhausting our savings trying to keep current on the mobile, and being unable to find anyone who would buy the house for an amount the bank would accept, it was finally repossessed. They say I still owe $60,000, and whatever they can't get in auction I will still owe. I know they won't get this, and I don't have it...what now?
Additional Details
I am not currently employed. |
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SPIFIMAN1
 |
Repossessions of mobile homes are just like vehicles, the lender will sell the home and you will be responsible for the difference between what they get for it and what you owed plus all fees for moving, reconditioning, interest, sales fees and anything else they can think of.
Most likely because of the large amount of money involved they will take you to court and get a judgment, at that point they can attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like cars, boats, land and homes.
All of this activity will show on your credit for the next 7-years making it very hard to get any types of loans without making massive down payments, paying huge fees and State maximum interest rates. |
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progunr
 |
You have a serious problem, and now, so does your husband.
They will most likely sue you for the balance after the sale.
They can then put a lien on you and your husbands new home, they can levy personal property to be sold at auction and applied to the judgment.
You might want to talk to an attorney now, rather than later. |
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TROUBLE
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now a judge will ask you why instead of building a new house and after selling another havnt you paid your mobile off. |
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bud68
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There must be more to this: how could you buy it for $49K and end up owing more than that? |
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jenntonic
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You said someone was willing to pay $30K? Why didn't you take it? That would have left you with a balance of $20K rather than $50K. But hindsight is 20/20. Then you said now you owe $60K? Why the increase? And was it repossessed or foreclosed on?
Whatever they get at auction, you'll still be responsible for the balance. This probably isn't an option, but unless you and your husband sell his house (are you on the title) and use part of the profit to pay down on the mobile home balance, you'll never get rid of that debt.
You should definitely talk to an attorney, because I can't assume the laws wherever you are, I don't know if your name is on your husband's house, none of that. I can't say if they'd go after your husband's property. |
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saberhilt
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First off, how deadbeats live there for 3 years? Most eviction filings happen in the sapce of 30 - 60 days.
Well, it might be possible to pull equity out of your current/new home. While the full 60 might not be there, you might be able to get enough from a HELOC (Home Equity Line Of Credit) to bring yourself current in all payments. This will prevent your MH from being repossed.
Get new tenants (as an option).
Lease to own.
Offer Owner financing to potenial buyers (basically they pay you a monthly amount which you then use to pay off your own note)
What type of loan did you use when you bought the MH?
If you borrowed 49k, after 10 years on a 30 yr fixed, you should have paid roughly 6 down.
The only way your loan should have gone up would be in a neg-am loan, or you were repeatedly lateon your mortgage payment.
Verify how much you owe, down to the penny on the MH.
Find out what type of loan you have.
Try to re-finance that loan into a 30-50 year fixed loan(the longer the loan, the smaller the payment) |
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CAMUS
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I must say ur now screwed or possibly doomed, because once they repossed ur car, they could sell it on auction for profit and leave u with the big bill or the price difference. Not only that, ur credit would now be ruined forever. |
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BB
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Talk to a debt settlement company, you will stilll have to pay, but they may be able to get the amount a lot lower for you on the repo iof the MH. |
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*KoLoHe*
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that sucks. and now you owe the difference. |
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Jon K
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There is really nothing more you can do. If it was repossessed then auctioned off, you will need to pay the difference, say you owe 60K it sells for 45K you then owe 15K. |
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