Legal Question in Real Estate Law in Kentucky

Is finance company liable?

I have a mobile home through a finance company. I have resently moved out of mobile home because I could not pay for it due to divorce. I was told I could do a short sale on mobile home and the remaining balance would be written off. I was told mobile home was not being reposessed. I faxed in offer and then I was told mobile home had been in reposession for a month. Now I will responsible for remaining balance after home is sold. I have been off work for 7 months doe to work injury. I have no income. Can anything be done to finance company?


Asked on 3/19/04, 1:53 am

1 Answer from Attorneys
Philip Owens Philip M. Owens, Attorney at Law

Re: Is finance company liable?

There is a lot more information that I would need to know to give a specific answer but generally, the finance company has the upper hand here. You owe them a specific amount of money and fees. The contract that you signed with them allows the sale of the home with the proceeds going to pay what you owe. If the home proceeds do not pay off the debt then you are liable for the rest. Any agreement with the loan company should be in writing. They do not have to agree to anything. You have already agreed to pay them a certain amount by a certain time-work or no work.

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Answered on 3/19/04, 7:13 am


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