repossession or bankruptcy?

What is the name of your state? OK
Mother bought a mobile home for brother, brother not making payments, mom can't afford to make payments and utilities,(she lives with me) and only recieves ss and a small retirement.
should she file bankruptcy, or just let the mobile be repossed?
if repossessed how long will my brother have to move out,will he recieve written notice of repossession?

[Ladynred]

Whether its repossessed or foreclosed upon, when they sell it your mother will be liable for any deficiency between what is owed and what it sold for.

However, since her income is exempt from siezure in a judgment (after they sued and won), they'd have a seriously hard time collecting from her. Bankruptcy would wipe it all out and might be easier for her in the long run, but an uncollectable judgment will just sit there for 10 years, more if renewed. The creditor would do asset reviews every so often to determine if there's anything the could grab from her, but sounds like that wouldn't be worth their time.

Either BK or judgment would be bad for her credit report... but that may not matter all that much. It would be up to her to decide, but she sounds pretty judgment-proof if she has no other assets.

Thank You for the info. She has no assets.

My next question is what to do about the mobile home, it is currently located in a trailer park with lot rental due. Will my mother recieve a letter from Conseco to tell her when the home needs to be vacated or does my brother just find someplace else to live and then what about the lot rent, is my mother (its in her name also !) still liable for that after my brother moves and before Conseco removes it from the lot???

[Ladynred]

Your mother should receive some kind of notice to vacate, yes. I would expect you'd get a similar notice for the lot rental. Yes, she would be liable for the lot rents due if its in her name.

again thank you, one more question.

When my mom spoke with Conseco today, they said to call them when my brother was moved out and they would come get the home. would this be considered her notice to vacate or are they required to send something in writing, I feel that if she has something in writing then she can turn this over to the lot owner and tell him that as of "date of letter" or date my brother moves they are no longer responsible? because it is now Consenco's property? is this correct?

I have heard Conseco is really slow about moving the property and I don't want my mom to have to continue to pay lot rent when my brother is not living there.

[Ladynred]

Had she recieved any letters or noticies regarding repossession ? If they're ready to repo now, then your brother had best pack his stuff and leave, let Conseco have it back. I think the letter from Conseco that they're repo'ing it should work with the park managment, yes, but I'd certainly get something in writing from Conseco that they have, in fact, taken possession of the trailer.

no she has recieved no notices, just the conversation on the phone this morning, when she told them she couldn't pay them anything and the collector told her to call them when she moved out. and they would come get the home. they have only sent late notices. Will she get a reposession notice?