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Voluntary Repossession And Your Credit Article
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Facts On Mobile Home Repossession
from:There are several different considerations when it comes to understanding mobile home repossession. The first consideration is whether the loan used to obtain the mobile home was a personal loan or an actual home mortgage. Generally if the buyer of the mobile home owns the property the mobile home is on it will be a mortgage, however if the mobile home is on a rented lot such as a mobile home park then the loan for the home is a personal property loan. With both types of loan options, the mobile home repossession will follow the same basic steps once the loan payments go into default. Prior to that final step, a mortgage loan will require pre foreclosure and foreclosure whereas a personal property loan can result in a mobile home repossession just like any type of vehicle or property repossession.
The basic facts on mobile home repossession will be standard in most states, but be sure to check the specifics in your area with an attorney. The following points are general information on mobile homes and repossession:
• Once the mobile home is repossessed the lender can sell the home at a public auction. As the loan holder you will be required to make up the difference between the loan amount and the sale price on the mobile home. You will also be charged all repossession fees and legal fees incurred by the lender to complete the repossession process.
• If the lender has the mobile home cleaned, repaired or hires an auction service to sell the mobile home you will be responsible for the cost of all these services as part of the deficiency payment.
• Mobile home repossession can sometimes be prevented through filing for bankruptcy. In some cases you may be able to retain your home and pay a much smaller monthly payment over a longer period of time with this option.
• In cases where the mobile home is sold through a repossession sale and the deficiency payment is ordered, non compliance of this order can result in the lender being able to garnish your wages; up to 25% of your total pay. This will apply to anyone that had their name on the title, regardless if they were living in the home at the time of the repossession.
• Typically with mobile home repossession on a rented lot the landlord of the trailer park will want to have the mobile home removed off the lot as it is not making the park any money since the lot fee is not being paid. Usually when this happens the people on the title will be responsible for any moving fees through the lender, who will arrange for this to happen.
Selling is an option to prevent mobile home repossession, however keep in mind that these homes tend to have a very low resale value and will typically result in a high deficiency payment, but this will still be a better option than repossession for your credit record.
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