There are two types of loan; the first type is a personal property loan when you rent a lot. The second type is a mortgage tied into the land a home is built on this is when you own the lot. With the two types of loan options, mobile home repossession can follow these steps once you can’t pay loan that is behind and thus go into default. Such mortgage loan will need pre-foreclosure as well as foreclosure while a personal property loan can also result in mobile home repossession. This is the same as repossessing a car or other personal property such as a washing machine. Extenuating circumstances can result which depends upon your state.
For Fort Bend County Texas mobile home repossession is standard but this should be verified with an attorney before anything you do will affect you legally. Since you’ve checked with an attorney expect this good information to happen.
– As soon as the mobile is repossessed, basically the lender can sell it at a public auction. Since you are the loan holder selling should be able to make up the difference between the sales price and loan amount. Most times, you can be charged for the repossession fee as well as the legal fees that are involved. Due to the poor resale, the resale value may be lower than the loan and lessen the value of a mobile home. Repossession is not easy to stop, but if you have any chance of stopping it, you should take immediate action just by hiring an attorney.
– You could be hit for the costs of repairs, cleaning the unit, and costs of the auctioneer.
– When you file for bankruptcy this can help prevent the repossession when dealing with an experienced Bankruptcy Attorney that knows the law. With this, you may be required to pay for it and could also be dealt with a Chapter 13 Bankruptcy where you are allowed to make payments plan that is dictated by the courts.
– Many times anyone with their name on the title would be ordered to pay for the loss. The lender could increase your wages. The reason you need to consult with an experienced attorney so that he could help you out of the situation.
– If a rental trailer park is where you are located, the landlord can decide to remove the unit for failure because you did not pay the lot fee. For all moving fees the person responsible is the one with his or her name on the title.
In conclusion, maybe you rent the lot or own the land, and do not make payments, repossession can happen. And the way it is handled lies solely in the hands of an experienced attorney. When filing for bankruptcy, keeping the mobile home is possible if the Bankruptcy is handled by an experienced attorney for such legal matter.