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    darrennchristy's Avatar
    darrennchristy Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 23, 2007, 09:55 AM
    Can I be sued for balance owed after sell of reposession
    My husband and I bought a 1998 Cavalier mobile home in 1997 and have paid mostly on time throughout. We recently built a house on our property and owner financed the mobile home to a couple. They moved the mobile home to their own property. My question is if this does not work out and we decide to let the loan company (greentree) reposess the mobile home can they actually sue us for the balance if they sell it for less than we owe. We financed 39000.00 (way too much) for this home and have made payments totaling well over that (apprx. 47970.00). The payoff right now is around 36000.00 ( we have gotten nowhere) and the mobile home is worth about 25000.00. If they can and did chose to sue us for difference after sell can I get out of that somehow. Any info would be appreciated.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Oct 23, 2007, 11:35 AM
    Hello darren:

    They WILL sue you for the difference. Can you get out of it?? Not really.

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Oct 23, 2007, 11:44 AM
    You borrowed $39K from Greentree and agreed to pay it back. If they can't get enough from the sale to cover the balance then they will go after you for it. And there is little you can do other than declare bankruptcy.

    I ran an amortization schedule and based on a 30 year term and 10% interest, the prinicpla balance is about right.
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