Taking over payments - bad idea right????

[demismom]

My Mom is pretty much judgement proof. She only gets SSI and SS of $643 a month.

We found her an appt and she's walking away (literally from her house). Should we call the Mortgage company and tell them anything and if so what? It's a double wide trailer, very nice, in a nice trailer park, but she's being evicted for non payment of lot rent. The landlord said before she leaves he wants the title to the trailer. Does he have rights to it at all? He owns the trailer park, NOT the mortgage.

Anyway, someone offered to give her $5000 cash and will move the trailer AND take over payments, NOT assume the mortgage. I told her I didn't think that was a good idea, am I right? If they stop paying, she's STILL on the hook for the mortgage right?

[Boscoe]

Taking over payments - bad idea right????

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My Mom is pretty much judgement proof. She only gets SSI and SS of $643 a month.

We found her an appt and she's walking away (literally from her house). Should we call the Mortgage company and tell them anything and if so what? It's a double wide trailer, very nice, in a nice trailer park, but she's being evicted for non payment of lot rent. The landlord said before she leaves he wants the title to the trailer. Does he have rights to it at all? He owns the trailer park, NOT the mortgage.

Anyway, someone offered to give her $5000 cash and will move the trailer AND take over payments, NOT assume the mortgage. I told her I didn't think that was a good idea, am I right? If they stop paying, she's STILL on the hook for the mortgage right?

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Bad bad bad. Yes, ABSOLUTELY she is still on the hook for the payments if this other person stops paying. DON'T do this!!!!

How much does she owe on it? As far as the landlord, each of these parks is different. He probably owns the land the trailer is on, but not the trailer itself. So, if he evicts, she would need to move the trailer or sell it to him. But that can't happen unless the mtg co agrees, which is doubtful if she is upside down.

[B12]

Need more info.

What is the principle on the mortgage?
Is her mortgage assumable? Usually only old VA or FHA loans are assumable.
What type of loan is it and who is the lender? (secured mortgage, personal loan, etc?)
Does the landowner hold the mortgage? (if she bought it from him)
What is market value of trailer? Trailers, like cars, depreciate.

Transfer of title on a trailer is same as transfer of an auto.
The land owner has to have a judgement before he can ask for the trailer. He has no financial interest in it if he is not the lien holder.

If you can offer more info, I can better help you.

[Minnymouth]

If the lot owner does not have a lien on the trailer he cannot seize it..... only the mortgage holder can do that. Lot owner can only file a claim in small claims court and collect his money that way.

Taking over payments is bad idea, seldom ever works out like its supposed too.

If she is going to default on the mobile home, she needs to notify the people to come and get it, move out, and stop paying lot rent on it.....

Let the lot owner fight it out with the mobile home owners....

[demismom]

Thanx everyone! I thought it was a bad idea and it turns out the guy changed his mind anyway, but the landlord of the trailer park is still demanding the keys AND title to the trailer. Her mortgage is with GreenTree Mortgage Co and that's NOT who owns the trailer park, as far as I know. I'm fairly certain the trailer is worth far less than the $37,000 she still owes on it, but I'm not a realtor, so I can't be sure, of course. I haven't seen the mortgage or the title, I forgot to remind her to show them to me today. I got sick and had to leave early.

What should I recommend to her if in fact the landlord does not have a lien on the trailer?

[Boscoe]

So DenisMom, what did you do with the trailer in the bk? Did you say you would surrender or reaffirm?

[demismom]

This is my Mom's trailer and she has not filed BK.

[B12]

Landowner cannot seize the trailer but.....check her lease with the trailer park owner. See if there is some kind of clause in there stating that if back lot rent is owed, landlord has any rights to the trailer. This guy cannot be that stupid. He knows he has no rights to the trailer, yet he keeps demanding it. Might be something funky in the lot lease.

[dscurlock]

Thanx everyone! I thought it was a bad idea and it turns out the guy changed his mind anyway, but the landlord of the trailer park is still demanding the keys AND title to the trailer. Her mortgage is with GreenTree Mortgage Co and that's NOT who owns the trailer park, as far as I know. I'm fairly certain the trailer is worth far less than the $37,000 she still owes on it, but I'm not a realtor, so I can't be sure, of course. I haven't seen the mortgage or the title, I forgot to remind her to show them to me today. I got sick and had to leave early.

What should I recommend to her if in fact the landlord does not have a lien on the trailer?

I do not think the lardlord is that bright...she would not have a true title to the mobile until it was paid off, she could give him whatever papers she wants, and still that would be no good, as she would have to sign the home over to him, and its not hers to sign-over... sounds like to me this idoit is trying to get a free home out of the deal....he could always file a lien on the mobile, but the mobile still would not be his...the mobile place would just come get the trailer, pay off the lien, and re-sell the mobile...

if she is just going to walk away... then she needs to contact her morgt company and say come get the home, it would be a volunteer repo, and a repo is still a repo on a credit report.

the lot owner is on crack, he will never have rights to this mobile unless he goes to proper channels and buys it...he is probably thinking this mobile is already paid for and hes going to get himself a free trailer...he's mistaken bigtime....

[dscurlock]

If the lot owner does not have a lien on the trailer he cannot seize it..... only the mortgage holder can do that. Lot owner can only file a claim in small claims court and collect his money that way.

Taking over payments is bad idea, seldom ever works out like its supposed too.

If she is going to default on the mobile home, she needs to notify the people to come and get it, move out, and stop paying lot rent on it.....

Let the lot owner fight it out with the mobile home owners....

sounds like the home owner wants to walk away... so it will be the lot owner vs the bank...the bank is going to win...they will come get their trailer when they feel its time too.

[dscurlock]

Landowner cannot seize the trailer but.....check her lease with the trailer park owner. See if there is some kind of clause in there stating that if back lot rent is owed, landlord has any rights to the trailer. This guy cannot be that stupid. He knows he has no rights to the trailer, yet he keeps demanding it. Might be something funky in the lot lease.

it it violates the law, then it does not matter whats in his lease...he can not say if you are behind and do not pay your lot rent then your trailer is mine...The bank will have a problem with that...he is fairly powerless, he basicly can keep adding up lot charges... even if the trailer was paid for, and she just walked off, legally he still could not own the trailer unless he goes throough a long series of hoops...but the mobile is NOT paid off, and that makes things a lot more complicated for MR Lot man.

Lets say Lot man does get the keys, and papers that mean nothing, what then? he will more then likely
put renters into the trailer...well at the same time, month after month goes by...Banker says "we are not getting paid, its time to repo the trailer" .. Mr Banker is then going to get a court order to evict anyone in that trailer for non payment so they can do a repo... I see the current renters being screwed, now they are going to have to pack up for something they did not do.... but they can hold MR Lot stupid responsible for that. The bank is going to get their trailer one way or another, and it doesnt matter if lot man has keys and papers or not...its simply just not his trailer.

[demismom]

Thanx - that's exactly what I thought. I'll have her call the Mortgage Company today and ask them what to do with the title/keys, etc.

[B12]

Still, check the lease first. If by chance, there is a clause in there stating that the park owner has any claim on the trailer and IF the mortgage company agreed to hold second position(subordinate) to the lot owner, then no law is violated. The lease is a valid contract.

Sounds like this owner is blowing smoke and still amazes me that he does not know he has no right to the trailer nor can he do anything even if he has the keys!

Also, check the title of the trailer with the motor vehicle dept.
Make sure that the landowner is not on the title. He shouldn't be, but who knows what this guy has done!

Make sure, also, that Mom has paid the sales tax on the trailer and that the title registration is up to date with motor vehicle.

This landowner is either very stupid or very savvy.

[dscurlock]

Still, check the lease first. If by chance, there is a clause in there stating that the park owner has any claim on the trailer and IF the mortgage company agreed to hold second position(subordinate) to the lot owner, then no law is violated. The lease is a valid contract.

Sounds like this owner is blowing smoke and still amazes me that he does not know he has no right to the trailer nor can he do anything even if he has the keys!

Also, check the title of the trailer with the motor vehicle dept.
Make sure that the landowner is not on the title. He shouldn't be, but who knows what this guy has done!

Make sure, also, that Mom has paid the sales tax on the trailer and that the title registration is up to date with motor vehicle.

This landowner is either very stupid or very savvy.

what does that mean "hold a second position?" no matter what she signed in her lease, another contract would have to be signed between the mortg company and lot owner to deal with a trailer issuse, i doubt a mortg company will freely just give up a claim on their assets., that does leave an interesting question, what can the lot owner do by law if home owner leaves, and does not take their mobile. Its one thing if the trailer is paid in full, and im certain the lot owner would still have to go through a process to take someones trailer, but its a completely different story if a good amount of money is still owed on the trailer, that means the bank owns that mobile, not the person, not the lot owner.


no, he would not be on the title, he would have had to went through the home purchase process in order to get on the title, but if he did, then he could assume responsibility for the mobile if she walks, in all honesty, sounds like he is just a lot owner, i dbout he is on the title what-so-ever.

I would be interested to see how this plays out.

[dscurlock]

Thanx - that's exactly what I thought. I'll have her call the Mortgage Company today and ask them what to do with the title/keys, etc.

its just a piece of paper, and a pair of keys, you do not have anything the bank does not already have or can not get. regardless, they are probably going to say send them back to whoever, you main goal is to tell them your intent to give up the mobile home, and clean out anything in the home you want to keep, they wont care whats in the home, they will disconnect everything, secure, and haul it away, unless they have some deal with the lot owner, which i doubt...