Legal Question in Credit and Debt Law in Texas
Defaulting on a Mobile Home Loan
Is defaulting on a mobile home loan the viewed the same as defaulting on a mortgage? Also can I send a document to the creditor stating my intentions to default and that I understand how it affects my credit in order to avoid collection calls, letters ect?
Asked on 6/14/02, 12:25 pm
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: Defaulting on a Mobile Home Loan
Defaulting on a promise to pay is pretty much the same without regard to the type of note. In actuality, defaulting on a mobile home is closer to defaulting on an auto loan. You're still reponsible for the unpaid balance after the property is sold.
If they want to turn it over to a collection agency they can. Just surrendering the property won't stop their attempt to collect the balance.
Answered on 6/14/02, 3:26 pm
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