Can my property be seized if I default on bank loan?
I'll try to make this as short as possible. My husband and I are both now disabled, but about 8.5 years ago we co-signed with our daughter to buy a used (1 year old at the time) mobile home. She is now divorced and the mobile home is parked on land next door to her ex-MIL, who owns the land.
We have tried to sell the mobile home, and even came down on the price to several thousand dollars less than the payoff. No takers, none at all. We are in the process of trying to "pretty it up" in hopes of making it more attractive to buyers, but our income is very limited.
Our daughter is paying the payments, but a week ago her ex-husband was arrested on 4 felony counts so she is no longer getting child support. She is already working two jobs, but we know she can't continue to pay the MH payments as well as her living expenses.
If we absolutely cannot sell the MH and have to let it go back, can the bank seize the real estate my husband and I own, or will they just be able to get a lien against it? We own our home (small mortgage) as well as my mom's house (a small mortgage as well, plus she has a life estate). My daughter has no assets.
My husband and I are both on Social Security Disabiity and have a few thousand in savings. Should we withdraw our savings?
Edited to add: We live in Alabama and the home is financed in Alabama, but it is parked on land in Florida.
Thanks for any advice.