Mobile home loan default

[Timbermonkey]

What is the name of your state (only U.S. law)? California

I most likely will need to walk away from a mobile home in california. Its in a park and has space rent. The rent and home loan are sinking me. I can rent a house for 500 less a month. I am considering moving out before i get kicked out for none payment.

My question is will the lender be able to bill me for whatever he ends up short?

 

[FlyingRon]

Yes. Mobile homes are not real estate, they are vehicles. The loans are recourse. In addition, the park you're in can come after you for the unpaid rent until that unit gets off their property (or the purchaser picks up paying for it).

 

[HomeGuru]

What is the name of your state (only U.S. law)? California

I most likely will need to walk away from a mobile home in california. Its in a park and has space rent. The rent and home loan are sinking me. I can rent a house for 500 less a month. I am considering moving out before i get kicked out for none payment.

My question is will the lender be able to bill me for whatever he ends up short?

**A: yes and the park can also bill you. There are no free rides here.

 

[FarmerJ]

Any way to put together the funds to buy your own land and move home to it so you cease paying rent or a family member who can give you long term written lease for land to put it on ? walking away from loans is not always the best choice since there still will be financial damage to borrower.