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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 else can I help you with?
Sample copy of a voluntary mobile home repossession letter?
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.
If you have a voluntary repossession can they take your home?
NO, they can attach a lien to be paid FIRST if/when the home is sold.
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.
What are the laws on mobile home repossession in Mississippi?
In Mississippi, the laws regarding mobile home repossession involve specific procedures that must be followed by lenders. If a borrower defaults on a loan, the lender must typically provide a written notice of default and an opportunity to cure the default before initiating repossession. The repossession process usually requires a court order, and the lender must comply with state laws regarding the removal of the mobile home. Additionally, Mississippi law allows for a deficiency judgment if the sale of the repossessed mobile home does not cover the outstanding debt.
What are the laws on mobile home repression?
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.
What are the NC Mobile home repossession laws?
You can claim EIC if you have the filing status 'married filed separately'.
What is the law in NC of mobile home repo?
In North Carolina, the repossession of a mobile home typically follows the same legal framework as the repossession of personal property. If the mobile home is secured by a loan, the lender must provide proper notice and follow the state's laws regarding repossession, which may include court proceedings if the borrower does not voluntarily return the property. Additionally, North Carolina law requires that repossessions must be conducted without breach of the peace. It's advisable for individuals facing repossession to consult with a legal professional for specific guidance.
Repossession laws on mobile home in Michigan?
In Michigan, repossession laws for mobile homes are governed by both state laws and the terms of the loan or lease agreement. If a borrower defaults on their loan, the lender may initiate repossession, which typically requires following specific legal procedures, including providing notice to the borrower. The lender must also comply with the Michigan Mobile Home Commission Act, which outlines the rights of both parties. It's important for borrowers to understand their rights and seek legal advice if facing repossession.
What is Florida law for mobile home reposession?
In Florida, mobile home repossession is governed by the Uniform Commercial Code (UCC) and specific state statutes. Lenders must follow legal procedures, including providing proper notice and an opportunity to cure any default before repossession can occur. If the mobile home is considered personal property, the lender can reclaim it through self-help methods, but must avoid breach of peace. Additionally, if the mobile home is classified as real property, different foreclosure procedures may apply.
Can unemployment compensation be garnished on mobile home repossession in Alabama?
In Alabama, unemployment compensation benefits are generally protected from garnishment, including for mobile home repossession. However, there are exceptions, such as for child support or certain tax debts. It's always advisable to consult with a legal expert or financial advisor for specific circumstances and updates on state laws.
How will voluntary repossession of my home in Texas affect my credit?
The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.
What are the laws on mobile home Content repossession?
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.
