questions regarding foreclosure of MH in a mobile home park

[kaylie2430]

I have a question. I live in Grand Rapids MI. I had a house fire back in 2010 where we lost our home and i purchased another Manufactured Home in the same mobile home park. I could afford the payment at the time i purchased it as i ha a job making $25.25 an hour, however due to medical issues both health and psychological due to the house fire i had to go on short term disability which i took a severe financial loss of income down to 14.00 an hr. I have my mortgage company "21st Mortgage" threatening to foreclose on the home due to i can not afford the monthly payment no longer. Legally can they follow through with the foreclosure even when i had a loss of income due to medical reasons?

[David Oxhandler]

Kaylie -

Im Sorry.... There is no law that protects a borrower from default due a loss of income for medical misfortune. But there are some possibilities that you may want to consider.

Refinance Speak to your lender about refinancing. Perhaps for more years at a lower monthly payment. This is a common request for lenders since the economy crashed. It is always better to seek a new deal from your lender before you get behind in the payment. BUT No one will bite you if you ask.

IF they won't refinance try The MH Loan Finder The free service helps to find Financing and refinancing for manufactured homes.

Short Sale Talk to your lenders short sale department. If they approve you can sell the home for less than you owe, and get out from under the mortgage. If you get approved list your home at The Manufactured Housing MLS

Call Local Legal-Aid Find them in the phone book. You can talk to a lawyer at no cost. Find out about local programs and options. You might be surprised at what is going on with so many homes "underwater" today.

Good Luck