I had a land/home mortgage I included in my BK. The mortgage had a power of sale clause. They filed for relieve from stay as we indicated our intention to surrender home and they forclosed. I am now discharged but my question is if they removed the home (triple wide manufactered home) and sell the land and home seperate wont that be a violation of my right of redemption?
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Filed CH7 Feb 12 2010
341 March 18
Discharged...May 18
Awaiting closing... -
I found this... may help..may not... I know AL has a 12 month right of redemption but I dont know how it works when you state your intent to give up your home, or when its a manufactured home.
"....Another important factor to consider is the role of land – if your underlying land property is tied to the loan, this may change the equation, as banks will find physical land to be a greater collateral that is more liquid. The bank will likely separate the two in the case of a foreclosure, but you should take this factor into consideration. When you approach your lender, you can suggest a number of possible refinance options, depending on your situation.>
Found this too for you... the LIENS section might explain more
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Let's assume it does violate your redemption, can you redeem, do YOU have the means to redeem? If not, it is just a technical violation and there has been no harm or damage.Comment
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