Legal Question in Real Estate Law in Oregon

Selling a home with an outstanding loan

I was wondering if it possible to sell a 2 1/2 acre lot with a mobile home, if there is still an exhisting loan on the mobile home only. The land was not a factor in the loan on the mobile home. We are interested in moving but are wondering how we can get out from under this loan, or to possibly pay off the loan on the mobile by selling the entire property. The land is too big, the cost is too expensive, and we are getting too old to deal with living in this area. Bankruptcy is not an option to get rid of the loan. I appreciate any insite you could bestow. Thank You!


Asked on 9/23/00, 8:27 pm

1 Answer from Attorneys
Susan Burns Law Office of Susan Ford Burns

Re: Selling a home with an outstanding loan

Certainly you can sell the property, so long as the sales price exceeds the selling costs plus the unpaid mortgage(s). When you sell the property, you will need to pay off the mobile home loan along with any loan you might have on the property itself. This kind of a sale is very common and similiar to the sale of a stick-built house with a mortgage. You sell the property and pay off the loans keeping whatever is left.

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Answered on 10/24/00, 8:43 pm


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