Do anti-deficiency laws pertain to mobile home loans when on a rented lot?
Question Details:
We have been hoping to sell our mobile home that we have a loan with a mortgage company on, but have been unsuccessful. What happens if they repossess? It is on a rented lot. i s there an anti-deficiency laws that will help me?
Real Estate Law Answers
Typically anti-deficiency laws apply only to mortgage loans on improvements on real property. Due to the recent SAFE Act, most states have changed their laws concerning what would be considered a mortgage loan to include not only mobile homes and manufactured homes and construction loans, but also for those that are rented lots. It depends on when you entered your loan. If it was generally before 2009, you may be out of luck and the your loan may fall into the area of a retail installment contract or commercial loan.
Anti-deficiency laws usually are only for purchase money mortgages and when the residence is the owner's primary residence.
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