My husband and I live in a crap, crap, crap, did I mention crap mobile home. Well, now we need to buy a house becuase our place is falling apart and I hate that my son has to grow up in such a POS. Anyway, we still owe on this place but KNOW that no one will pay a penny for this place. So, I'm wondering if my husband agreed to a voluntary repossession and we got the mortgage in my name how bad would that hurt us?
2007-09-25 06:21:07 · 11 answers · asked by lisanicole_98 2 in Business & Finance ➔ Credit
So if I understand this correctly, the loan on the trailer is in your husbands name only and you can qualify for the mortgage on the home by yourself.
If that is correct the only loser is going to be your husband.
If he lets the trailer go back the lender will sell it and come after him for the balance due plus all cost for moving, reconditioning, selling, interest, laywers and anything else they can think of.
This will trash his credit for the next 7-years and if he owes enough, they will take him to court and get a judgment, at that point they can attach bank accounts, garnish wages (if your State allows it) and file liens on any other property he may own like cars, boats, land and homes.
It will be very hard for him to get any other types of laons without making massive down payments, paying huge fees and State maximum interest rates.
Other then that, not much.
2007-09-25 06:51:56 · answer #1 · answered by ? 7 · 3⤊ 0⤋
Voluntary Repossession Of House
2016-12-12 07:46:33 · answer #2 · answered by Anonymous · 0⤊ 0⤋
A voluntary repossession will show up as a black mark on your credit report too, even if your husband agrees to the repo and you try to get a mortgage in your name. It doesn't change the fact that you signed a contract and you backed out of it later. So yes, it'll hurt your credit rating, which means you'll have to pay a higher interest rate (and that's assuming lenders will agree to give you a loan for a house after the voluntary repossession).
2007-09-25 06:30:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Anytime you are unable to pay the debt you own it is placed on your credit as a negative item.
Even though you are returning the mobil home due to the condition, they are still going to place this information with the bureaus. It will show up on your credit report as a voluntary repossession.
The creditor can still come after you for the amount you own, even if they sale the mobil home if they sold it for under the value, they can come after you for the difference.
Continue to do your research.
2007-09-25 06:27:20 · answer #4 · answered by Sherri M 1 · 0⤊ 0⤋
althought the reposession is voluntary, he is still going to owe the money for the mobile home. It may show as a voluntary repo, but if he chooses NOT to pay the remaining balance, it will become a profit and loss writeoff or collection and it will eventually ruin his credit
2007-09-25 06:24:33 · answer #5 · answered by dirttrackgirl_77 5 · 0⤊ 0⤋
A repossession is bad voluntary or not. If it cannot be sold or if it is sold for less than you owe on it you will be sued for the balance. Then you will have to pay for the crap that you don't have. I would rethink this.
2007-09-26 21:35:43 · answer #6 · answered by kim h 7 · 0⤊ 0⤋
it can affect your credit...
and as you found out, mobile homes are hard to sell. they lose value. bad place to put money.
you need a house? great. do you have cash for 20% down? are debt free? 3-6 months savings in the bank? No?
then you are not ready for a home... financially speaking.
2007-09-25 06:26:52 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If the bank cannot get their full principal from selling it, they might charge you the difference, and then you are screwed.
You might want to speak with a bankruptcy attorney, they often can help even if you do not file for bankruptcy, and the initial consultation is free.
2007-09-25 07:02:19 · answer #8 · answered by Feeling Mutual 7 · 0⤊ 0⤋
a repo on your credit report is still a reop. forced repo or voluntary makes no difference as far as your credit report is concerned.
2007-09-25 06:29:52 · answer #9 · answered by Jan Luv 7 · 0⤊ 0⤋
I suspect you would still wind up owing for the trailer. Why don't you look into what you could get for it.
2007-09-25 06:41:07 · answer #10 · answered by fuzzykitty 6 · 0⤊ 0⤋