Legal Question in Real Estate Law in Ohio
Foreclosure
Bank is foreclosing on mobile home, after it is sold will we be responsible to pay the difference between the amount they receive at the sale and what the mortage amount was? If so can they garnish your wages for this amount? Any assistance you can give would be appreciated.
1 Answer from Attorneys
Re: Foreclosure
Dear Distressed Mobile Home Owner:
Once a lender has foreclosed, it will likely sell the mobile home to the highest and best bidder. However, at public sale, the bid price may be very low and perhaps even unrealistically low, based upon the desirability (or lack of value) of the (mobile home)property.
The lender with a judgment can then pursue a claim against you for the difference between the debt (mortgage) and the sale price, less legal fees, expenses, etc., including rent and fees payable to the mobile home park.
With a judgment against you, and the filing of a judgment lien, the creditor (lender) may also file a Creditor's Bill action against you, and attach 25% of your monthly wages plus fees and costs.
I urge you to see an Attorney, and even consider a bankruptcy (Chapter 7 or 13, as applicable) or Trusteeship to protect you other assets and wages.
Don't delay!!! Good luck and Godspeed.
Sincerely, J. Norman Stark.
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