What happens if sold from a mobile home?

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Me and my friend bought a mobile home in Colorado. Purchased, not rented, so we pay a mortgage and costs a lot. My friend went out and got us simply can not afford any more. What happens if we abandon it. I am not paid after 28 days of the tax trailer parking lot to evict you. What happens to the loan of the trailer? Is it on credit? For how long? If we did that, we would do anything if this tax next year? If they re-sell trailers, we all still, or what comes from our standard loan? And nobody knows where to get professional answers to these questions? How should I consult a lawyer or someone else? DankDie Many lenders are the ones we do on mortgage payments, right? There is no way to contact them! I tried calling over 50 times I went back over 30 voice messages left, and nothing. This is all in the last month. And the office in the mobile home park do not help (even try). Not only that, but I do not think that keeping this place. I hate it and I can not afford. I can not sell them now.

3 Comments
  1. Reply
    birth of a Y!A staph
    April 30, 2011 at 12:52 am

    talk to the lending company before you walk away, they will try to help you to keep your home – its worth a try since the alternative is the same as being told no.

  2. Reply
    Blowfly
    April 30, 2011 at 1:42 am

    The first people you need to talk to the are the people you pay the mortgage to, they will advise you on your options and you may be able to come to an arrangement. Not paying your loan back at the agreed rate and time is the default, and is not in their interests either.

    Whether you would still owe money on the trailer if they sell it will depend on how much you still owe and how much they sell it for. If they get more than you still owe, plus enough for their costs, you may even get some back. I would assume, however, that you bought at a high price in the boom and we are now in a bust and if there is still money owed, you still owe it.

    I do not understand what “Does it go against credit?” means or what it would mean for taxes.

  3. Reply
    Iggy's Cabbage Patch Gang
    April 30, 2011 at 2:23 am

    Yes, it will go against your credit, if you forfeit the trailer back or it is a repo since is a mobile home…

    You can’t reach them by phone, but you will have their address, because you have to mail in the payments, right, Legally, if you are trying to let it go back to them and they cannot be reached by phone, Legally you have to send them a Certified Letter as proof of trying to contact them….You cannot just move off and leave it abandoned, this is not a good ideal, they can say you torn it up and then left it.

    You want to make sure they come out and pick it up, so you will not be liable for any damages to the trailer…

    and, also, even if you let it go back, when they resell it, if they cannot get out of it what you owed, then you will be legally liable to pay the difference to them on the trailer.

    A trailer is just like a car, when it is a repo, they sell it and the person that let it go back or be picked up, has to pay the difference of the cost to the lender…This is the law…..

    So, contact them by Certified mail and make sure you put a phone number for them to call you.

    Keep the receipt that they sign when they get your letter as proof you contacted them to come and get the trailer back,…..

    But, you should not just move out and leave it, you could be hit with all kinds of costs by doing that…

    Go to the Trailer Park office and explain the situation to them, and stay in your trailer as long as you can, and also, they and the lender may be willing to work with you both so you can keep the trailer.

    Have you ever thought of asking them refinance the trailer for you, this would give you time for him to find a job and get the payments going again…..when you refinance, it can lower your payments and also let you not pay one month of a payment to refinance…..

    Try what you can, to keep it from ruining your credit..

    Good luck, and I am sorry he has lost his job…

    And your not being evicted from the trailer, cause you have not been able to contact the lender yet, you would be evicted only from the parking place where the trailer sits, which means you have to move the trailer yourself if you do not contact the lender that has the loan on the trailer..

    So contact them, do not just move off and leave it, this can also lead to criminal charges against you, if the lender does not come and get the trailer from you, and it sits there and gets broken into or torn to pieces, you are legally liable for the condition of the trailer……and the return of the trailer to the lender in good condition as it was when you bought it.

    You bought it from a Trailer Company, contact them, they will know how to reach the lender, and the trailer is gonna fall back to them on default, that is who you bought the trailer from…so they need to know as well, that you intend to let it go back to the lender…they can help you in this process, contact them and let them know as well, and that you cannot get the lender to call you back…..You can bet they will get on ths stick and get it done for you.

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