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-   -   Mobile home repo (https://www.askmehelpdesk.com/showthread.php?t=65318)

  • Feb 22, 2007, 12:36 PM
    waynella
    Mobile home repo
    I have recently purchased a new mobile home and financed it in with my land. I already had another mobile (chatel loan) on this land that I can't seem to sell so I am thinking of turningit back to lender. Would there be any repercussions as for as my land or new loan.
  • Feb 22, 2007, 04:02 PM
    ballengerb1
    Turning the old home back to the lender will not relieve you from the debit. The lender will not have better luck liquidating the home than you did. You and your collateral will be on the hook for any unrecovered moneys by the lender.
  • Feb 22, 2007, 05:21 PM
    Fr_Chuck
    Yes, you will just want to sell it cheaper and cheaper.

    What happens is if you let it go back.

    Lets say you owe 10,000 on it right now, they come and get it, so you add 1000 fees to move it, and maybe 250 in repo costs and fees.

    So now you owe 11250. They will sell it. And they may sell it for only 5000
    So you still owe 6125 on a home you don't have.

    Iwould say rent it out, or sell it for as much as you can and work out payments on the balance if they will.
    Letting it go back is about the last thing you want to do

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