Is There A Way To Stop A Foreclosure On My Mobile Home?

[Dawn McAndrew]

Hi ! I have a 1978 Mobile Home in a park. I only have $864. (pay off amount) left to pay on the mortgage. The home itself is still in fantastic shape for it's age, it doesn't look as old as it is, and it excellently structurely sound. I have had a lot of personal and fiannacial problems in the past 2 yrs. (car accident, constant doctor's appts, legal issues, my daughter being dignosed with a disibility, missing time from work because of my issues and my daughters, etc). It has been a bad 2 yrs to say the least! Anyway, my mortgage company was nice enough to give me an extension. I thought it was for three months, but they only granted it for two. Now they are telling me they are going to reverse the extension so then I will be 3 mths behind and they will proceed with foreclosure. Is there anyway of stopping the foreclosure? Because of all my problems my credit is horrible. I haven't been able to find any one that would re-finance it because of it's age and a single wide on rented land. I haven't been able to get a personal loan because of my credit, and no one I know can lend me the money or have good enough credit to co-sign a loan for me. I desperately need some help and advice on what I can do now. I've lived in the home for 7 yrs and I'd hate to lose it now! Besides my '95 used car, it's the only thing I own. I'd appreciate any help and advice anyone can give. Thank You! Dawn

[rmurray]

Yes there are 3 ways...

Of course..paying the payments will do...

Second..talk to the highest manager you can find at the lender..collection agents will lie like a dog..I doubt they can reverse a payment extension...but they can foreclose when you are 30 days late...Be sure they know that you would have to file bankruptcy to stop them if necessary..

Third..file bankruptcy...In most states your primary home..manufactured or not..is protected in a bankruptcy and all of the bad debt will go away..Including the balance you owe on the home if you cannot pay anything..At the worst..you will have to pay this balance but they will be stopped for repossession and all collection attempts until the courts finish..about 6 months..If you do file...only file chapter 7...All back payments will go away..and you will only have to pay the remaining balance of the loan..

Loan companies should be shot for not working with you..and bankruptcy is for just your kind of case..Good Luck

[Dawn McAndrew]

Thank You for the advice! Dawn

[UFS]

The rules are typically different for a mobile home because it is usually considered a reposession (instead of a fixed-home foreclosure). Without a extension agreement in writing, the lender may well be able to proceed with taking your home.

If you consider bankruptcy, be sure to get specific answers about your situation from an attorney. You may very well find that bankruptcy will, in fact, not protect your mobile home from being repossessed. Ask a lawyer what they can do, if anything, to guarantee your mobile won't be foreclosed on before you accept the negative credit consequences of a bankruptcy.

Alternatively, you may want to contact a reputable professional who specializes in helping families faced with a foreclosure or mobile repossession. They may be able to negotiate a solution with the lender which is not commonly extended directly to borrowers.

[Jennifer/Carteret Mortgage]

You can also contact local private investors in your area. Look under Real Estate Wanted in your local paper. If your loan to value is low they tend to loan you money for a short period of time. Good luck.