Legal Question in Real Estate Law in Minnesota

Foreclosure follow up

I rufuse to stay in or pay for my mobile home anymore! I am 7yrs into a 30 yr loan at 18%. My payoff amount is more than what we barrowed! We can refinance but we don't want to live here anymore. The trailer court is gang and crime infested. I have 2 kids and I will not let them play outside in our own yard w/o an adult. I just want to burn it down and be rid of it but I can't do that. What i want to know is that if i stop sending in payments and force the mortgage company to foreclose how will that effect me? Of corse I will lose my house(yay)but what else could happen? Would I be braking any laws?


Asked on 4/04/08, 11:36 am

1 Answer from Attorneys
Maury Beaulier612.240.8005 Minnesota Lawyers

Re: Foreclosure follow up

You would be best advised not to burn down or otherwise damage the property since that would result in a criminal offense. You may seek to sell the mobile home and if the value is less than the loan, you may seek an agreement from the lender to allow a short sale. Your only other remedy is to allow it to go into foreclosure. Your credit would be damaged and, you could potentially be liable for any deficiency.

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Answered on 4/04/08, 12:54 pm


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