Mobile Home/Original Lender Bankrupt/Assumable Loan

[sunsheyen]

What is the name of your state? Florida

I assumed a loan for a Mobile Home in 04/01. The lender Oakwood Acceptance filed for bankruptcy in 2004 at which time Vanderbuilt Mortgage took over the loan.

I have maintained the loan in good standing since and am now in a situation since this home is in a mobile home park, where I am not able to rent it out. I have recently purchased my own home and have been renting the mobile home out for 2 years. The park has since changed management and does not allow renters therefore leaving me to sell the home. I am unable to do so since the amount of the home is $30k but not worth this amount. No lender will refinance the home.
I am expecting to have to voluntary repo the home.

1) Since this is an assumable loan, per the contract, the original borrower is listed as responsible. Will this also report on my credit? and Will we both be pursued equally? It does report now as a mortgage.
I assumed I had a mortgage but the contract wording "Assumption Agreement Florida"
and states "Transforer is not released from the obligations under the original contract"
2) Is this a mortgage since it is in a park and I do not own the land?
3)Will it show as repossesion? or forclosure?
4)Will new finance company, Vanderbuilt Mort. have the right to take me to court for a lien against my new home or am I exempt based on the original lender filing bankruptsy? Is this a situation like a collection agency purchasing debts for minimal amounts to collect for profit? If Oakwood received forgiveness of their debts due to the bankruptcy would a collection company after purchasing the account (for a fraction) be allowed to pursue my assets?

Bottom line, I cannot afford 2 homes and am a single parent and need to find out what legal actions can be taken against me? Whats the worst that could happen?

Thank you for any help you can give.

[moburkes]

duplicate post

[sunsheyen]

I didnt know where to ask.

No one has answered in the other post. Could someone please answer here?

Thanks..

[moburkes]

Originally Posted by sunsheyen

I didnt know where to ask.

No one has answered in the other post. Could someone please answer here?

Thanks..

Its a WEEKEND, and people are VOLUNTEERS. Be patient. If you don't have time to wait, you can always PAY a local attorney. But, posting your questions twice doesn't make you get a an any faster.