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You may still end up owing a lot of money on it ,and you won't have it ! State laws vary on this - better to negotiate a settlement of some kind.
Keeley Olson
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What happens if your mobile home is voluntarily repossessed in Texas and it is on property that you own seperately from the mobile home?
"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.
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 happens if your mobile home is voluntarily repossessed and it is in a mobile home park?
The bank or current lien holder will take possession of the mobile home after the required steps of repossession takes place. The bank or current lien holder of the mobile home is responsible for paying the lot rent unless the mobile home is sold to a secondary party such as an investor. At this point, the lot rent follows the ownership of the mobile home. In most cases, the larger banks who specialize in mobile home financing will pay atleast a portion of the lot rent. It is very important to contact the park owner to verify the amount of park rent that is due. This is very negotiable especially if the new owner of the mobile home plans on leaving the mobile home in the park. Note: The park owner is a great prospect to sell this mobile home to.
What happens if your mobile home is voluntarily repossessed and it is not in a mobile home park but not your land either?
Whoever owns it or has re-possessed it would be legally bound to pay rent to the landowner, or to remove it to other property. If you have not yet gone into voluntary re-possession, this may be a point in your favour. The lender doesn't want to have a total liability on his hands. -This means a re-negotiation of the loan terms could be made, and could possibly result in you keeping it.
What happens if a police officer's house is repossessed?
then theyre out of a 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,
If your mobile home is voluntarily repossessed can the finance company impose a judgment against your land even if the land is not a part of the finance package?
If they choose to file a lawsuit for monies owed and the suit is won, it might be possible for the plaintiff to execute the judgment as a lien against the property. State statutes regulate when liens can be placed upon real property. Without knowing the state of residency it is not possible to be more specific.
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.
