[JnBCraig]

What can a mobile home lender do if borrower defaults on a interest only loan in this scenario? Borrower has paid lender $50,000 over nine years but the loan is for 30 years. The initial amount of the loan was $53,000 so borrower would still owe about $94,500 on the original loan. Lender refuses to work with borrower and borrower built a $220,000 home on the same land as the mobile home (borrower owns land). Borrower would like to simply default on the loan as there is no way to sell mobile home for $53,000. Location is Mississippi. What can lender do to borrower? What should borrower do?:confused:

[Fr_Chuck]

They can repo the mobile home ( assuming there is no lien against the land) They will come onto the property and tow the trailer away.

They will selll it for? About 20,000 maybe and then you will still owe the other 70,000 plus repo costs, and sell costs, They will sue you in court and get a judgement. Then depending on the state, they can garnish wages, attach bank account or look to put a lien on the other property.