A sample copy of a voluntary mobile home repossession letter will have a number of tips which can be used for drafting your own. This will include details of the property in question, ownership details, location and so much more.
Under US law as I understand it, any repossession is detrimental to your credit record. Both a voluntary repossession or a standard repossession have the same effect on your credit rating. Both will appear as repossessions, and either will result in a negative mark on your credit history. Any repossession will appear on a credit report for 7.5 years from the date of first delinquency. You will likely see your credit score drop significantly, as having a repossession in your credit history marks you as a credit risk. The only advantage that I see in doing a 'voluntary' repossession is that it may cost you less in legal fees. In general, I would encourage you to work with the lender to find ways of keeping your home and coming to some kind of agreement on reduced monthly payments, or even weekly payments which will involve a lower interest rate. Good luck with it.
"Voluntary repossession" basically means you're telling the lienholder "Come repossess this; I'll make it easy for you." Since the lienholder has no interest in the property, that means they'll come take the mobile home itself (or you could take it to them), but the property itself won't be impacted except to the extent necessary to drive in a couple of tractors to haul away the mobile home.
Laws regarding mobile home repossession vary by state, but generally, the lender must follow state-specific procedures to repossess a mobile home if the borrower defaults on the loan. These procedures typically involve giving notice to the borrower, obtaining a court order, and conducting a lawful repossession. It is important for both lenders and borrowers to be aware of the specific laws governing mobile home repossession in their state.
You can claim EIC if you have the filing status 'married filed separately'.
i don't think you can
How do write a letter for mobile replacement
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in most US states, legal repossession can take place regardless of location.Ans 2 - Again, not necessarily true. It depends on where you live.In BC , Canada, this comes under the new "Mobile Home Park Tenancy Act" - other provinces of Canada and maybe even some US States may now have similar acts.
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The California laws on any re-possession are extensive and complicated. -Google that exact wording, or inquire at the State Attorney General Office.
The re-possession Laws in any state are quite complex. Certainly far too complicated to explain here. You should go to the DMV and get more information from them.