[rylager]

I about my mobile home in 2007 through a private party, we made a noterized contract and both mine and old owners names are on the title. My fiancé left me about 6 months ago and I cannot pay for the place anymore and cannot seem to sell it. What would be the worst thing that could happen if I just walk away from a private deal such as this? Can they sue me? Its also in a park with space rent.

[ScottGem]

Depends on the terms of the contract.

[Fr_Chuck]

They may do what ever the contract allows them to do.

Strange that their names are on the deed with yours, but that will be their issue getting your name off deed.


Worst thing,

They foreclose ( or really repo) the mobile home, sell it and you will still owe the difference between what you owe, plus add the repo costs, the cost of selling it, and take away any money they get at the sell.
So worst case, you end up owing about the same as you do now, but don't have the home.

But most likely they take over ownership, fix it up a bit and resale it. Guess a lot depends on
1. the terms of the loan and sale documents
2. what they do, for example I own and sell homes on contract for deeds all the time, I actually make the most money if the people walk away ( without damage to my property) I get a large down, and if they stop paying in a year or two, I get to foreclose and resale the house, over and over and over.

My uncle had one home I think he sold about 10 times over 20 years or so,