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Will a bank seek judgment on $23000
It is a long story... I have a mobile home on a leased lot in a park that is in the process selling and rezoning to be replaced with condos. The units were worth from $30,000 to $120,000 before this was announced by the owners because the park is on water. Now they are worth $2,000 to $5,000. The lot rents have been doubled ($500+) to force residents out which they are doing. I purchased my 1962 mobile there for $30,000. I have paid $19,995 in payments. And had the unit rented to cover mortgage payments and lot rent. No one will rent it or cannot sell it since the announcement of the rezoning. I cannot make the mortgage and lot rent payments and have turned the keys over to the park manager. My question, will the bank seek a judgment against me for remainder of the loan or will it cost them too much to get to little. Thanks for the replies. Let me add a little more to this. I live in Florida and retired with the only income being Social Security, pension and a 401K/IRA distribution. I have heard that a creditor cannot garnish income from SS, pension or retirement distributions in Florida. My current home is a mobile home in a new mobile home park that the same bank has the mortgage on. The equity in this home is not much since it was purchased 2 years ago. I have contacted the bank to try and work a deal with them, but they want $18,000 as a short sell. Do not have that kind of money. They are asking about my personal property vehicle and motorcycle. Will they take those? I was going to ask the bank if they would consider refinancing my current mobile home at a lower interest then 7.5 % to lower my payments allowing me to make the mortgage payments on the overdue payments. Do you think they will go for that?
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Regardless of what you did with the home, unless the loan is fully satisfied by you the bank will come after you for the remainder of the outstanding loan amount.
I've read of situations like yours happening and feel that the park owner was very irresponsible in doing this to long time residents but I guess the mighty dollar prevails and he will make a lot more from condos. That's the risk you take these days living in desirable locations with greedy land owners cashing in with both hands. |
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