I have a manufactured home in Floirda with the loan in just my name. The land it sits on is in my ex husbands and my name. We were already divorced at the time we purchased the manufactured home.

The bank is threatening to repo it. Would I still be responsibe for the balance of the loan if they reposes it, or is that forgiven.

Thanks if any one out there can help me

Mary

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Originally Posted by ZIEGLER531

I have a manufactured home in Floirda with the loan in just my name. The land it sits on is in my ex husbands and my name. We were already divorced at the time we purchased the manufactured home.

The bank is threatening to repo it. Would I still be responsibe for the balance of the loan if they reposes it, or is that forgiven.

Thanks if any one out there can help me

Mary

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You would still be responsible.
The manufactured home can be foreclosed on. The proceeds from the sale will go to cover any monies owed. If you owe more then the home brings at sale, you will be responsible for the money owed.
They can't force the sale of the land however they may file a claim for monies owed so when you sell the land the lending institute will be reimbursewd for monies owed.

Talk with the lending institute you may be able to work out an arrangement with them.

Hello z:

A car and a mobile home are titled the same way. If you are behind on your car payments, they can take your car - but NOTHING ELSE. If you're behind on your mobile home payments, they can take the mobile home - but NOTHING ELSE. They cannot place a lien on the lot.

excon