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Can your home be taken in a forced sale for outstanding debt from a mobile home foreclosure where you were the cosigner?
Wiki User
∙ 15y ago
They can, and probably will, take your house, unless you do something about it. You (and your cosigner) are responsible for paying that loan in full, so they will most likely come after you for everything that is owed on the loan. This will also ruin your credit if you don't fix the problem immediately. A Second Opinion: The lender would in all likelihood be able to place a lien against your residence depending upon the titiling of the home itself. However, in most instances the state's homestead exemption will protect a home that is still under mortgage. In addition, there are a few US states that do not allow the sale of a primary residence for consumer debt. If your home is paid for that would present a bigger problem in protecting it from creditor judgment. The best option is to seek legal counsel to determine how your home is titled and what protection it has under the laws of the state in which the property is located.
Wiki User
∙ 15y ago
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Landlord is filing a foreclosure on your mobile home because you are behind on payments how long do you have before moving?
DEPENDS ON THE SHERRIFF IN YOU COUNTY
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What happens to the owner of a mobile home during a foreclosure?
Real property is not actually owned until the property is paid for in full. A buyer of a mobile home loses all ownership rights to the property when it is foreclosed on. A resident/buyer loses ownership rights to the property and will have to vacate the premises within the length of time specified in the foreclosure action.
When is the foreclosure home a property of the bank?
I have a mobile home on my property that the bank is foreclosing on. The property was not in with the bank loan. They had the locks changed on the mobile home but it has been over two months and they have not came and removed it from my property. What can be done to get them to remove this from my property.
Can lenders foreclose on mobile homes?
Yes, they certainly can. Best way to deal with this is to negotiate a settlement with them. You can often come to terms that stall foreclosure and maybe prevent it.
What is the key combination to display outstanding credit on nokia payg phone?
well depends on what payg provider (Orange,T mobile...)
If the mobile home owner is decease and the mobile home is on private property what rights do the mortgage company have on reposses?
Not enough information about HOW MUCH is outstanding. -But in general, I think they would have rights to re-possess wherever it is.
Why is a foreclosed mobile home still on the property?
There are many reasons why a foreclosed mobile home might not be immediately removed from its location. Often this is pending a resale. If you do not want a home to remain on your property after losing it to foreclosure, you will have to legally notify the repossessing owner to remove it.
My mobile home is on some else's land If that land is foreclosed on does my home become part of the foreclosure?
Not unless the mobile home was part of the collateral offered for the loan that is in default or. For example, if the lender gave money to a borrower and secured a lien against land, then you placed the mobile home on the property, the mobile home is your property and was not part of the defaulted loan. You will be required to vacate the land, but should be able to take the mobile home assuming it belongs to you. Generally, true mobile homes are not real estate, they are personal property. A mobile home can become real estate if it is built after the 1970s, has a HUD sticker, is on a foundation and the owner pays property taxes. If this occured and was owned by person who defaulted on the loan, it might be part of defaulted loan. There may be a trustee of record for the foreclosure, if you are unsure about your rights you may contact them or an attorney for information
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I have 1.70 acres in Spencer indiana with a mobile home on it. I am needing to get a well for the property and was wondering if I could take a loan out on the property. I own the mobile home and property and no outstanding loans on any of it.?
Yes you can mortgage the property but the home likely wont add much if any value to it.
