Foreclosure
Question Details: My home loan ($38000 balance) is about to enter into default. I have found an affordable mobile home for $7,500 on a rented lot. My question is weather the mortgage co. can (and or will) confiscate the mobile home because of the outstanding debt that I owe ? Thank you for your time.
Real Estate Law Answers
If you default on a home lome, the lender can typically foreclose. After foreclosing, they can sell the home to recoup their loss. If the amount they receive from the sale is less than the outstanding balance of the loan, they may sue you for the difference. If they sue and win (which they presumably would), they could try to attach or get a lien on any assets of yours--i.e. to get a court order allowing them to take your assets. That could put a new home in jeopardy.
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