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If you let your mobile home be repossessed what effects will it have on your credit and can you be sued?
Wiki User
∙ 18y ago
Repossession of any chattel (boats, cars, anything) will adversely affect your credit, so you may not be able to establish new credit for a few years. If you promised to pay for something, and you didn't, the general answer is that the agrieved party (lender in your case) can sue to recover the amount you owe, less the amount they recover by selling the repossessed property, plus interest, fees, attorneys fees and court costs.
Wiki User
∙ 18y ago
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What can you do if your home gets repossessed?
Get a job
Can a mobile home finance company place liens and garnish wages after repossessing a mobile home or can you just leave it as a bad debt that will haunt you for 7-8 years and then go away?
After the mobile home is repossessed they will try to sell it. You will be liable for the difference of what you owed less what they got for it. They can sue you for that amount and if they win a judgment against you they can place liens on property or your person, sieze bank accounts and garnish wages. Wages cannot be garnished in TX, PA, NC, or SC. No debt EVER just 'goes away' and its presence or absence from your credit reports does not alter attempts to collect a debt.
What are the negative effects of personal bankruptcy?
The bankruptcy proceedings remain on your credit record for 10 years. During this period, it is very difficult to reestablish credit and borrow funds for items such as a new car or home.
Does Home Depot report business credit to credit bureau?
does home depot report to credit bureaus? I am trying to rebuild my credit.
How does a home get repossessed?
A home can get repossessed in many ways, the most common reason is that they owner of the house has not payed the bank the loan that they took out so as to by the house, or that the person hasn't pay many bills so they take the equivalent of the unpaid bills.
Can you be sued if you let your mobile home be repossessed?
You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.
What can be done when the lien holder has repossessed your mobile home but has not removed it from your property?
CHARGE THEM STORAGE
How do you get a title on a repossessed mobile home?
You can in some US states. You have to look up the state you are in.
What is the legal process by which a mobile home is repossessed?
That would depend on which province or state that you live in. -You haven't said.
Can the cabinets be removed before a mobile home is repossessed?
I very much doubt it. -Usually they would be considered an integral part of the home.
Can you still owe money after your mobile home is repossessed?
Yes. The home was repossessed because you failed to make payments you contracted to make. Even though you no longer possess the home, the contract is still in force and must be satisfied unless the lender forgives it,
Can you take out a home equity line of credit on a mobile home?
Yes, but you will not get as much money as on a regular home, depends on the year of home, how it looks, if your credit is good you should get at least 15,000 to 20,000 credit line.
What is a Bad Credit Mobile Home Loan?
Bad Credit Mobile Home Loan is a type of loan that is extended to people with low credit score. In addition, the loan itself is reviewed from time to time making sure the rate is appropriate for the borrower.
How would one go about finding repo mobile homes to purchase?
Several years ago, I did just that to buy the home I now live in. I live near a city that has several mobile home dealerships, and it was just a matter of visiting and talking to several different dealerships, letting them know I was looking for a trade-in or repo. Understand that most of the homes you will be shown will be in terrible condition. Persevere and you will find the home(s) you are looking for. I did. When mobile homes are repossessed, the lender takes back possession of the home. Therefore, your local banks will have listings of mobile homes they have repossessed and are looking to sell quickly.
How long can a mobile home repo stay on your credit?
Seven years from the entry of the judgment.
What are the mobile home repossession laws in Nevada?
In the state of Nevada, if you do not make payments on a car you are buying, it can be repossessed with no notice given to you. Once repossessed, you will still be liable for all further payments even if the car is sold at auction to another buyer.
Does owning a mobile home count as first time home owner?
Yes purchasing a Mobile Home counts under 1st time Home buyer. Credit is 10% of purchase price up to $80,000.
