ReAffirmation Agreement - Mobile Home

[NJdotcom]

Hello All,

I am new to the forums here and I am looking for some information. I am looking to confirm my thinking, and also what the lawyer had informed me when we completed our Bankruptcy.

We filed after the new law change, and our Bankruptcy has been discharged since Feb-March 06 Time frame. We included our Mobile Home (Double Wide Trailer) in the Bankruptcy. We did notsign a reaffrimation agreement for the Mobile Home. We are interested in moving out/vacating the residence for a "normal" home. From what I understand all I have to do is to give the Mortgage company (for mobile home) a 30 day notice, turn in the keys and walk away from the debt. Is this correct ?

[miss puff]

Welcome NJdotcom.

Yes, you are correct in your thoughts. The mortgage company will go into the foreclosure process (the only legal way to get the title back) and you can walk away. However, if you have some time, you might want to look into selling it, pay off the mortgage and pocket any profit you may get for a down payment on your new place.

Good Luck

[NJdotcom]

see, mobile homes are like cars not worth the amount you buy them for from the day you buy them. they make nice cheap homes, but they never make a profit. thanks for the agreement of thoughts.

[SinkingFast]

Loans for "Manufactured Housing" can vary. You could have either a traditional mortgage or a regular secured loan much like a car or furniture.

If you have a Mortgage, the Lender will have to go thru Foreclosure to get the Title back.

If you have a "Secured Loan", the Lender can basically repossess the home.

You need to know which kind of loan you have and check the State and/or Local Laws to see how long you'll have.

If you have a Mortgage, with a "Right of Sale" clause, and you live in a Quick Foreclosure State, the Foreclosure Sale could happen in as little as 60-90 days. If your State requires Judicial Foreclosure, it could take months to a couple of years.

The importance of knowing how quickly the process will take is the issue of Liability. As long as the Title is in your name, you need to maintain insurance to protect yourself against Liability. Slip and Fall. Someone falls and breaks a leg, your name is on the Title, you are Liable.

So be sure to check into that as well.

[CATCHMEIFYOUCAN]

Reaffirmation

Check this link out, it might help/explain the process more!

http://www.bankrate.com/brm/news/bankruptcy/20060307a1.asp

Best wishes, Catchmeifyoucan