OK... I quit my job of 13 years last November.. I got another job 3 months later...
In late march I received my profit sharing.. I put $25,000.00 in a 1 year cd to pay for the
Taxes I will need to pay next year... I am going to let my mortgage co repossess my mobile home, because the job I got is paying $7.00 less than I was making.. I can't afford the lot rent and mobile home payment and selling is not an option, because there is a lot of repairs that need to be done... roof, water damage from bad roof... my question is can my mortgage co get access to that CD ($25,000.00) or do I need to put it in someone else's name?. my taxes on that profit sharing is going to run from $15,000.00 to $20,000.00 and I have to HAVE that money for taxes.. help

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Originally Posted by marcie mendalsk

ok ...i quit my job of 13 years last november..i got another job 3 months later...
in late march i received my profit sharing..i put $25,000.00 in a 1 year cd to pay for the
taxes i will need to pay next year...I am going to let my mortage co repossess my mobile home, because the job i got is paying $7.00 less than i was making..i can't afford the lot rent and mobile home payment and selling is not an option, because there is a lot of repairs that need to be done...roof, water damage from bad roof...my question is can my mortage co get access to that CD ($25,000.00) or do i need to put it in someone elses name?...my taxes on that profit sharing is going to run from $15,000.00 to $20,000.00 and i have to HAVE that money for taxes .. help

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The way it sounds is that you have a liability on the mobile home. Just because you let them foreclose does not mean they cannot access other assets you may have to satisfy the liability you have. Of course there will be legal processes... but the message is you are not off-the-hook for the mobile home.