Legal Question in Credit and Debt Law in Texas

mobile home repossession

I am faced with the possibility of having a 9 year old mobile home repossessed.I have tried renting it(the past 2 renters have left me in the hole for about 6 months rent,and the last renter tore the house up pretty bad.)I have tried putting it up for sale and having someone assume the note. I have had no luck with any of these. I have tried to get the payoff reduced, but the mortgage company is not willing to work with me. I cannot continue to make two house payments. What legal obligations am I under if the mobile home is repossessed? Can the mortgage company do anything if I make any kind of payment each month? How will this affect my credit? Desperate for help!


Asked on 4/12/06, 10:39 am

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: mobile home repossession

You will be liable for the balance of the note on the mobile home less any net cash from the repossession and sale of the mobile home. It will affect your credit.

The mortgage company is only obligated to accept full payment. If they won't re-finance, the smaller payments you send, if accepted, only reduce the outstanding balance. It doesn't stop them from repossession or suing you for the unpaid balance.

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Answered on 4/12/06, 11:02 am


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