Reposess Mfg Home, what happens?

[NEEDHELPT00]

I have missed one loan pmt on my manufactured home and received a "10 day demand" notice that they will begin the repo process if pmt not recd. I cant afford it anymore, the loan, the site fee I am divorced paying child support, etc. working 2 jobs. I wonder what happens in the repo process and when/if they can garnish my pay for balance on loan? If they sell it, would I owe any difference on amt sold/bal on loan? how much can they legally garnish from my pay and when can that start? I had a chap 7 discharge 3 years ago.
Any help Please I have no idea what will happen next
Thanks
Note - This is in Illinois -

[Minnymouth]

In your chapter 7 did you included you mobile home? And then just kept making the payments? Did you sign reaffirm documents?

Yes, they can start repo processing if you don't pay......

And if the mobile home was not included in your bankruptcy and discharged, yes they can make you pay the difference of what you owe and what it is sold for......

They will have to go to court, get a judgement against you, and YES they can garnish up to 15% of your wages to repay the debt.....

[CATCHMEIFYOUCAN]

Chapter 13

Seek a lawyer and see if you can file Chapter 13. My case is much more different as I have no assets. Just own a car, but I'm working 2 jobs too. Maybe you will be able to file for Chapter 13 and save your house?

Good Luck! There's a lot of great advice on this forum! But definitely get some lawyer quotes, plenty out there give free consultations!

Catchmeifyoucan

[NEEDHELPT00]

THANK YOU for taking the time to give me some info
I got the loan on this mfg home shortly after chap 7 discharge.
The chap 7 was after divorce, I had to go back to work full time because their father "won" my kids primary residency tho I share custody. I ran out of lawyer money during that divorce, then chap 7, now medical expenses for my sons diabetes. . . . we all have our troubles, I know.
Do you know what happens next, do they get judgment against me for full amt, and THEN try to sell the home?

[NEEDHELPT00]

I also wonder how quickly they can repo my home, what kind of notice do they have to give me? Do they change the locks how does that work ?!?!

[NEEDHELPT00]

I have no assets either, no savings acct, nothing. Just a car and car loan but I cant lose my car, Im paying on it as agreed. Do you know how much notice they have to give me to move out of my manufactured home before they repo it? And do they change the locks then ?? I never imagined life would be like this

[Minnymouth]

A lot of it depends on what your "contract" says....... some say they can repo with 60 days if you default on payments...... but they still have to file with the court and get a judgement against you..... (Some repo's can take up to a year or more....)..... all depends on your contract and your state.....

You will be notified to vacate the premises (they usually give you 10 days)......... sooooooo, I would do NOTHING till I was told to vacate..... or a judgement against me................

Put your money back and be looking at other places to move too.........

[SinkingFast]

A lot depends on what type of loan you have for the Manufactured Housing Unit you own.

If you have a traditional Mortgage, the repossession will follow the same timeline as a stick built house.

http://www.stopforeclosure.com/Illin...losure_Law.htm

Illinois does not allow for non-Judicial Foreclosure so you'd have a while.

If you have a "personal property" type loan, then the rules will be different. A personal property loan is similar to one you'd get when you buy a car or purchase furniture or appliances. The Manufactured Home is the security for the loan. When you're in breach, the process to repossess goes very quickly.

http://www.consumersunion.org/mh/doc...%20illinois%22

So that's the first thing to know. What type of loan you have on the home.

Just an FYI for you Need,........... I noted you had 2 threads on the same subject going in 2 different sections of the Forum. I've combined them both here together so you have all your answers in one place.