Possible Repossesion - Need Advice

[CMills93]

What is the name of your state? South Carolina


I own a 1996 single wide mobile home which is located on a leased lot. I have been trying to sell the home for the past 3 years with no success. I have been renting out the home over the 3 years but my current tenants have not paid their rent the month of June so therefore I can not make the mortgage payment. I informed the mortgage company that I have been having problems selling the home and keeping renters paying but they are giving no options accept that "if we can't afford the home then it will be repossesed." I know it will destroy my credit but I do not see any other option but to have it repossesed. My current renters have been evicted as of tomorrow.

What my question is what exactly happens when a home is repossesed? I know my credit will be destroyed. But what can they do to me legally? I am 31 years old with children heading to college in the next 5 years. I can't afford my credit rating destroyed. Please if anyone has any advice it would be greatly appreciative.What is the name of your state?

[lcannister]

My current renters have been evicted as of tomorrow.

Hopefully this is a proper eviciton with the proper notice and then hopefully they will cooperate in the eviction.

I know my credit will be destroyed. But what can they do to me legally?

They can come after you for the difference between what they can sell the home for and what is owed on it. Then again they may just turn it over to a collection agency and they will list it on your credit reports as a debt still OUTSTANDING and make it impossible to get credit.

How upside down on the loan are you?

but they are giving no options accept that "if we can't afford the home then it will be repossesed."

They are not your friend or family, they are a business that expects you to live up to your obligations.

Good luck.

[CMills93]

Originally Posted by lcannister

Hopefully this is a proper eviciton with the proper notice and then hopefully they will cooperate in the eviction.



They can come after you for the difference between what they can sell the home for and what is owed on it. Then again they may just turn it over to a collection agency and they will list it on your credit reports as a debt still OUTSTANDING and make it impossible to get credit.

How upside down on the loan are you?




They are not your friend or family, they are a business that expects you to live up to your obligations.

Good luck.

Thank you for your response.

Yes the renters were given a legal amount of time to vacate. They actually had a verbal agreement with me to pay June's rent on June 29, 2007 and then they were suppose to pay July's rent next Friday but when I went up there a few minutes ago, they had packed their stuff and left. I told them that if they did not pay June's rent by June 29th, they would have to vacate. So I guess they did.

As for how upside down I am on my mortgage payment, I am 1 month as of today but I will be two months on July 1st.

I have been unable to sell the home because of the bad name the media has given to them around my area. This particular mortgage company had provided illegal mortgages or something like that but whatever they did, I can't find the lope hole for me. But regardless I am aware of the fact that I need to pay the mortgage payment as promised.

Is there anything else that I can do in order to avoid a repossesion? Any suggestions to what I can say to my mortgage company?

Thanks again for your response. I really appreciate it.

[lcannister]

By upside down I mean how much is the home REALISTICALLY worth compared to what you owe on it? Unless you put a large amount of money down you are probably way upside down, they depreciate very rapidly. Yes, even if they are very nice when purchased.

Ask them if they will accept an arrangement where you can go forth from here and pay your normal payment and 1/6 of the arrearages until you are caught up then get it rented now. They may or may not allow it since they really do not want the trailer back in any shape form or fashion!

[CMills93]

Originally Posted by lcannister

By upside down I mean how much is the home REALISTICALLY worth compared to what you owe on it? Unless you put a large amount of money down you are probably way upside down, they depreciate very rapidly. Yes, even if they are very nice when purchased.

Ask them if they will accept an arrangement where you can go forth from here and pay your normal payment and 1/6 of the arrearages until you are caught up then get it rented now. They may or may not allow it since they really do not want the trailer back in any shape form or fashion!

Sorry about that. I am not sure how upside down the home is. I am sure it is worth less than it is worth. I am positive on that. I only put about $1500 down to begin with.

I will ask about the payment arrangement that you suggested. I think they will go for that. I did ask them yesterday if I could put my late payment a July's payment to the end as we do need to make major repairs in the home and find a renter but they did not go for that. They just told me to keep them updated on when I get a renter in.

Thank you so much for your response. I really appreciated it. You have helped me a great deal.

[lcannister]

GOOD LUCK! Hey let us know what they say!

[CMills93]

Ok. Thank you very much. Your advice was excellent.