Ask Bill your personal finance question

Short Sale on Mobile Home

I can't afford my payments on my mobile home. What can I do?

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?

Read full question
Bill's Answer
(5 Votes) | Find Learn Save

  • There are six typical requirements for a short sale.
  • Consult with your mortgage servicer to learn its requirements.
  • Learn more about the federal HAFA program.

Editor’s note: See the 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

  1. The residence must already be on the market for a certain number of days (90 days is typical)
  2. There can be no liens on the property
  3. The property cannot already be in foreclosure
  4. The offer of a deed in lieu of foreclosure or short sale must be voluntary
  5. The seller must have a hardship
  6. The house must be priced reasonably.

See Should I Do A Short Sale On Our Home? and A Deed In Lieu Of Foreclosure vs. A Short Sale to learn more about these options.


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?.

I hope that the information I provided helps you Find. Learn. Save.



Get Mortgage Rates!
(5 Votes)

People also like to Read

Betsalel Cohen

Mortgage programs have different minimum credit score requirements. However, lenders often have stricter rules. It is importa... Read more >>

Daniel Cohen

FHA Loans | FHA Loans have huge benefits, including VERY low down payments and low credit limits. Get FREE info on FHA loans... Read more >>

Betsalel Cohen

Mortgage Basics - Down-payment, Equity, and LTV | Learn about mortgage terms relating to your property's value and how it aff... Read more >>

Betsalel Cohen

Whether you are refinancing or buying a home you will ask yourself if you can afford the mortgage. Learn to prepare and evalu... Read more >>

Betsalel Cohen

Qualify for a Mortgage | You can get qualified for a mortgage and the best rates by preparing yourself. Make sure that your c... Read more >>

Mark Cappel

Applying for a mortgage with bad credit and a spouse isn't as difficult as you may think. Learn the what lenders look for whe... Read more >>

Betsalel Cohen

PMI | If you are looking to buy a house and take a mortgage loan with a low down payment then PMI can...... Read more >>

Brad Stroh

Refinance My Home? If you are asking 'Should I refinance my mortgage?' or 'Is refinancing my home a good?', then check out ... Read more >>


1500 characters remaining