If I have to walk away from my mobile home if they can later sue me or any other repercussions?

My husband was transferred to a new job for work over 4 hours from where we live now. We havebeen trying to sell it or have someone assume the payments but I just recently learned that the assumption plan is no longer available with my mortgage company. If our only choice left is to walk away from our mobile home can we be sued or have any other repercussions besides poor credit.

Asked on June 29, 2017 under Business Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Yes, they can sue you. The lender could do either of the following instead of simply accepting the home (e.g. after foreclosure, after you walk away from the home) as payment or satisfaction in full of the debt:
1) The could choose to not foreclose (e.g. they feel the home is not worth much) and simpy sue you for the whole amount you owe--foreclosure is an option for the lender, but they are not required to do it.
2) They could foreclose, sell the home at foreclosure auction or sheriff's sale, then--if it brings in less than the full remaining balance on the loan--sue you for the remaining, unpaid balance (this is called seeking a "deficiency judgment").


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.