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My experience at this point has not been pleasant. Texas has very few mobile home laws for consumers, the ones just implemented are for current status accounts basically. I did a voluntary repo in 2005 on an Oakwood home bought out by Vanderbilt. The mobile home was wrecked during delivery, Oakwood agreed to fix it but then filed bankrupcy. repairs were never made and Vanderbilt refused to pay for repairs. After fighting Vanderblt for over 2 years, spending money on a bunk lawyer and finding out that I got screwed, I let it go. Now Vanderbilt sold the home for 2 thoudand dollars and wants me to pay the difference of 22 thousand dollars. I filed complaints with all the state of Texas agencies that would listen. Needless to say I'm still fighting them, they sent my account to a collection agency out of Houston called Synergetic. Synergetic is a joke in it's self, their reps are oh so rude. Anyways save you'r self the trouble now. If the lender is in fault of anything to do with the mobile home sue them now before repo, because trust me they will have no problem comming after you first. I learned a valuable lesson at a young age, NEVER EVER BY A MOBILE HOME FOR MORE THEN IT WILL BE WORTH IN A TWO YEAR PERIOD!! Which pretty much includes all mobile homes period.
What else can I help you with?
What are the consequences of a voluntary repossession of a mobile home?
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.
What does a car repossession do to your credit How can you delete it from your record?
It hurts you credit tremondously. It will stay on your credit report for 7 years, and there is nothing you can do about it. Do not allow your car to be repossed. Voluntary repossession on not any better. Contact the lender and work something out.
What happens if you voluntary repo a vehicle?
Voluntary repossession" is a term used to describe a situation in which a consumer voluntarily surrenders the property securing a loan, such as an automobile, to the lender that financed the purchase. Voluntary repossessions generally occur when a consumer has fallen behind on his or her loan payments, and decides to surrender the property rather than forcing the creditor to proceed with repossession. Voluntary repossessions occur most frequently with vehicles, but can occur with any type of secured loan, such as the purchase of work equipment, jewelry, etc.
What is the difference between voluntary repossession and regular repossession and the pros and cons with it?
Neither are good. Call the lender and work something out. a repo is a repo by any standard ,they will sell the unit and go after you for the deficiency no matter what.it will be on your credit as a repo. You will not have to pay the towing and fees associated with the repo. That is the only difference.
What are Arguments for against of voluntary work?
are you for or against voluntary work
Do you need a repossession license to work for a repossession company in Michigan?
only a drivers license
What is the difference between repossession agencies and repossession forwarding companies?
Repossession Agencies are independent and corporate tow companies who may work directly with and for Lending Institutions while the Repossession Forwarding Companies are organizations that accept repossession work on a national level and then forward that work out to these Repossession Agencies. The benefit forwarding companies bring to financial institutions is access to a larger base of Repossession Agencies rather than dealing directly with each one across multiple jurisdictions. Repossession Forwarding Companies traditionally have lower rates of recovery due to the economy of scale they offer. Repossession Agencies may still have a competitive advantage locally as they will be more familiar with their territories in the similar fashion a small business will usually have the "home base" advantage over larger corporations.
Do you have to be over 16 to do voluntary work?
no. you can do voluntary work at any age. babysitting is even considered volunteering.
Is there only home phones and mobile phones?
From what i know, yes. But there can also be work phones and family phones ect. But the 2 main phones are what you asked.(mobile and home)
After voluntary repossession what is your credit obligation?
Keri, I suggest you think long and hard before you let it go back. The results are not nice at all on your credit rating. Read your contract where it mentions "deficency balance". Chances are that you will be responsible for any amount owed after the car is sold. If the payments are toooo high, ask the lender if they will lower the interst rate. If you have lost income but expect to regain it, ask the lender to defer a payment to the end of the loan. If you cant do anything else, try to sell the car yourself. You will get more for it than the lender will at auction. I totally agree with the above answer. Repossession should be the absolute last resort. A repossession is a repossession. The only difference in voluntary and non voluntary is that you will not have to pay the repossession fees. This will stay on your credit report for 7 years and will cost you dearly. Sit down with the creditor and work this out. Like the above answer sell the car yourself or see if you can get someone to take over the payments. Do not allow the car to be repossessed. This may seem like the easy way out, but in the end it is the hard way out.
Will a standard vinyl replacement window work in a mobile home?
No. a standard Vinyl replacement window will not work in a mobile home unless you do some work to the wall to frame it to the correct size. Generally a mobile homes walls and window openings are a different size than the standard size used in stick built homes.
You want to give back your truck to GMAC but it has a bent fender What would you do?
You need to specify if this is a lease or voluntary repo. You are going to ruin your credit for 7 years, and you are worried about a bent fender? It doesn't matter, they will sell the car anyway. After that you will still be responsible for the difference in what the car sells for and the balance on the note. Voluntary repossession is a stupid idea. Work something out with GMAC.
