Mobile Home Reposessed

[zeldadll]

I had my MH reposessed--3 months back mortgage--20k appraised val--vs-34k owed on the note (Greentree--many problems with them--they stink)

Am I Likely to be sued for difference?
What can be done about that?

[HHM]

It depends on whether you state allows deficiency balances on Mobile Home loans. My guess is they do, but it depends. The reason I can't say for sure is that for conventional home loans (real property), 1st mortgagors in most states are not allowed a deficiency balance...so you will have to ask someone knowledgable in your state.

If they are allowed to claim a deficiency balance, the odds of being sued depends on how good a suit candidate you are. When it comes to collections, suit is usually the last step in collection (because of the cost and they have to substantially split the recovery).

[zeldadll]

Thanks HHM

Great detail and most helpful

Much appreciated!