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karalee_29 · Mar 12, 2008, 05:58 PM

We are trying to sell a mobile home in the state of Washington in a park that we rent lot space. We owe more than the mobile home is worth and wonder if the bank repossesses it and sells it for less than what is owed, can they garnish wages for the balance?

Fr_Chuck · Mar 12, 2008, 06:08 PM

When they sell it for less, yes they can hold you liable and get a judgement, with a judgement they can do any and all collections that are legal in your state.

If garnishments are legal in your state then yes they can and also attach your bank accounts. Also a worry will be if you don't pay the lot rent, for the many months that it takes to repo the mobile home they will also have a right to sue you for their damages. Also see if your rental agreement has some clause for damages if your home is repoed.

ckmtme · Apr 5, 2008, 07:11 AM

Can a financial institution garnish monthly Social Security benefits

ckmtme · Apr 5, 2008, 07:14 AM

Can a financial institution garnish monthly Social Security benefits?

George_1950 · Apr 5, 2008, 07:29 AM

Originally Posted by karalee_29

We owe more than the mobile home is worth

This is not uncommon and occurs often in automobile, as well as manufactured home, contracts. The better course is to hang 'in there' on your payments, keep it clean and for sale. The repo of your home could easily lead you into personal bankruptcy, which may not be so bad, but it is another subject.

JudyKayTee · Apr 5, 2008, 09:27 AM

Originally Posted by ckmtme

Can a financial institution garnish monthly Social Security benefits

No - by Federal Law SS can only be garnished for child support and student loans.

The creditor CAN move against a bank account if it contains co-mingled funds, for example, SS and some other monies.

John WA · Oct 13, 2008, 05:27 PM

Financing on a MH in WA is done just like a car so yes, deficiency Judgment following repo is possible.

So I'd advise you to contact the lender and arrange with them to give them your Registered Ownership in the MH... they already own the Legal title (again, just like financing a car).

With all RE andhome prices pretty sluggish in WA right now, they might very well agree if you'd give them your interest in the MH, to NOT sue you for any deficiency.

All WA banks have plenty of property these days from foreclosures and repos and they'd probably work with you to refi, maybe reduce your debt.

JudyKayTee · Oct 13, 2008, 06:21 PM

Originally Posted by John WA

Financing on a MH in WA is done just like a car so yes, deficiency Judgment following repo is possible.

So I'd advise you to contact the lender and arrange with them to give them your Registered Ownership in the MH...they already own the Legal title (again, just like financing a car).

With all RE andhome prices pretty sluggish in WA right now, they might very well agree if you'd give them your interest in the MH, to NOT sue you for any deficiency.

All WA banks have plenty of property these days from foreclosures and repos and they'd probably work with you to refi, maybe reduce your debt.

You answered an April 2008 question and the OP has not been back. By now your advice is probably too late.

John WA · Oct 19, 2008, 08:27 AM

WA law is that a bank CANNOT sue for deficiency J after foreclosure on a home loan, but you'd need to check out, in RCWs (Revised Code of WA) the applicability of this law to MH w/o land, such as in a MHP.

Such a MH is personalty, as opposed to realty, so law is a little different.

WA RCWs are easily found online, and Section 64 is the primary RE section so that's where foreclosure law will be found.

WA legislature has generally provided same protections for MH w/o land as for house on land.

If you can't make the pmts I"d call the lender and see if you could give them back the registration you have in return for their not suing you on deficiency.