What happens in a foreclosure on a modular home in a park?

Question

I purchased a home in '98. I lived in it with my son until '02. Since then, he and his wife have made all the payments but the house and lot rent are still in my name. They have decided to move this summer whether it is sold or not. Which means I will be responsible for it. Problem is, I live 500 miles away, and have purchased a house with my new husband. We cannot make payments on both houses, and renting it out is out of the question, the lot rent and payment are $1100. I owe $61,000. I would like to contact the lender and let them know what is going to happen before it does, no late payments yet. But I have to let it go back if it doesn't sell. What can I expect??

Answer 1

Try to sell it first, worry about what happens next after you exhaust that effort.

Answer 2

Sorry, but, they really left you in a mess. Call the mortgage company and tell them what is going on. See if selling it will clear your debt. Now that's it's been lived in it may not have appreciated much. And since it is on a rental lot some may not be interested but may want to move it to their land. But, why not rent it?? Call a really good Realtor and have them handle the whole thing for part of the rent. Also ask your mortgage company if you can use it for collateral to move it, it will be easier to sell if its not on rental property. $1100. sounds pretty steep depending on the location.

Answer 3

If the home is in a mobile home park and not tied to land in the mortgage it can be repossessed much like an automobile. It does not have to go through the foreclosure process.

Be carefully as this can happen very quickly.