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What are the consequences of a voluntary repossession of a mobile home?
Wiki User
∙ 11y ago
Under US law as I understand it, any repossession is detrimental to your credit record. Both a voluntary repossession or a standard repossession have the same effect on your credit rating.
Both will appear as repossessions, and either will result in a negative mark on your credit history. Any repossession will appear on a credit report for 7.5 years from the date of first delinquency. You will likely see your credit score drop significantly, as having a repossession in your credit history marks you as a credit risk.
The only advantage that I see in doing a 'voluntary' repossession is that it may cost you less in legal fees.
In general, I would encourage you to work with the lender to find ways of keeping your home and coming to some kind of agreement on reduced monthly payments, or even weekly payments which will involve a lower interest rate.
Good luck with it.
Wiki User
∙ 11y ago
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Sample copy of a voluntary mobile home repossession letter?
A sample copy of a voluntary mobile home repossession letter will have a number of tips which can be used for drafting your own. This will include details of the property in question, ownership details, location and so much more.
If you have a voluntary repossession can they take your home?
NO, they can attach a lien to be paid FIRST if/when the home is sold.
What happens if your mobile home is voluntarily repossessed in Texas and it is on property that you own seperately from the mobile home?
"Voluntary repossession" basically means you're telling the lienholder "Come repossess this; I'll make it easy for you." Since the lienholder has no interest in the property, that means they'll come take the mobile home itself (or you could take it to them), but the property itself won't be impacted except to the extent necessary to drive in a couple of tractors to haul away the mobile home.
What are the NC Mobile home repossession laws?
You can claim EIC if you have the filing status 'married filed separately'.
How will voluntary repossession of my home in Texas affect my credit?
The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.
What are the laws on mobile home Content repossession?
in most US states, legal repossession can take place regardless of location.Ans 2 - Again, not necessarily true. It depends on where you live.In BC , Canada, this comes under the new "Mobile Home Park Tenancy Act" - other provinces of Canada and maybe even some US States may now have similar acts.
What happens if your mobile home is voluntarily repossessed and it is in a mobile home park?
The bank or current lien holder will take possession of the mobile home after the required steps of repossession takes place. The bank or current lien holder of the mobile home is responsible for paying the lot rent unless the mobile home is sold to a secondary party such as an investor. At this point, the lot rent follows the ownership of the mobile home. In most cases, the larger banks who specialize in mobile home financing will pay atleast a portion of the lot rent. It is very important to contact the park owner to verify the amount of park rent that is due. This is very negotiable especially if the new owner of the mobile home plans on leaving the mobile home in the park. Note: The park owner is a great prospect to sell this mobile home to.
What are the CA laws on mobile home repossession?
The California laws on any re-possession are extensive and complicated. -Google that exact wording, or inquire at the State Attorney General Office.
How does a voluntary repossession on a mobile home work?
My experience at this point has not been pleasant. Texas has very few mobile home laws for consumers, the ones just implemented are for current status accounts basically. I did a voluntary repo in 2005 on an Oakwood home bought out by Vanderbilt. The mobile home was wrecked during delivery, Oakwood agreed to fix it but then filed bankrupcy. repairs were never made and Vanderbilt refused to pay for repairs. After fighting Vanderblt for over 2 years, spending money on a bunk lawyer and finding out that I got screwed, I let it go. Now Vanderbilt sold the home for 2 thoudand dollars and wants me to pay the difference of 22 thousand dollars. I filed complaints with all the state of Texas agencies that would listen. Needless to say I'm still fighting them, they sent my account to a collection agency out of Houston called Synergetic. Synergetic is a joke in it's self, their reps are oh so rude. Anyways save you'r self the trouble now. If the lender is in fault of anything to do with the mobile home sue them now before repo, because trust me they will have no problem comming after you first. I learned a valuable lesson at a young age, NEVER EVER BY A MOBILE HOME FOR MORE THEN IT WILL BE WORTH IN A TWO YEAR PERIOD!! Which pretty much includes all mobile homes period.
Do the same rules apply to the voluntary repo of a mobile home?
Basically. YES. You decide you cant pay, you tell the lender you are moving, you move out, lender sells home(not as quik as a car), lender wants balance due on the loan.
Manufactured home repossession law in state of Oregon?
repossess manufactured home in oregon
Who do you turn to for repossession advice on your home.?
A lawyer...only and always.
