How Do You Cope With Post Mobile Home Repossession?
If your mobile home has been repossessed, you need to know what will happen next to prepare yourself for the process of either trying to get your home back or letting go. Here is what you need to know about after a mobile home is repossessed. Immediately upon repossession, the obligation to pay the mortgage on the mobile home will be taken over by the bank or lien holder. Legally, if they have intentions of selling the property, they can decide to pay partial payments on the mortgage. The home will be placed on the market to be sold. The bank or lien holder may pay partial rent on the mortgage until the mobile home can be sold. Likewise, the home does not have to be formally sold, but a secondary investor can take on the obligation of the mortgage. If there is a major discrepancy between the money owed on the home and the amount the home is sold for, then the previous owner may be sued for the difference. In this case, if the previous owner is unable to pay, a second lien can not be pl
