I have a mobile home in another state. I can't afford the payments at this time and have had no luck in selling the mobile. What are my options, and can the finance company garnish current wages in the event it gets repossessed?
Editor’s note: See the Bills.com resource Home Affordable Foreclosure Alternatives Program for an updated discussion of deeds in lieu of foreclosure and short sales.
You are a candidate for either a deed in lieu of foreclosure or a short sale.
The typical requirements for both are
Assuming you stop making your payments on the mobile home and the creditor forecloses, the creditor has the right to sue you to collect on any deficiency balance and receive a judgment to collect this amount from you personally. See Collections Advice for more on the rights of creditors and debtors in collections.
A deficiency balance is an unsecured debt, and is legally like any other unsecured debt such as credit card debt, medical debt, or a payday loan. To see your options for handling unsecured debt, see What are my debt resolution options?.
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