Legal Question in Real Estate Law in Virginia

I own a mobile home. It was purchased in 1997 and the lender provided a mortgage type loan. However the interst is 13% and because the trailer is not a permanent fixture, has depreciated more than what is owed on it. We have tried to work with the lendger to refinance as well as tried to switch the loan over to the renter currently occupying the trailer to no avail. My question is, if we just stop paying on this trailer, is it like a vehicle where they just reposses the "vehicle"? My real question is what are the reprecussions of not paying for the trailer and letting the load default?

Asked on 7/07/10, 8:26 am

Michael Hendrickson Law Office Michael E. Hendrickson

0 users found helpful

0 attorneys agreed

The lender could reposess the trailer and attempt to sell it and still pursue

you for a judgment on the outstanding loan balance---minus any amounts realized from this sale (if any).

Such activity would also very likely have quite an adverse effect on your credit

rating.

Answered on 7/07/10, 9:36 pm

Keywords

Match Any Match All

Country

State

Area of Law