What to do if in my divorce I received the double-wide and the 6 acres it sits on, but the mortgage is still in my ex’s name even though I make the payments?

The deed to the land was signed over to me during the trial and is listed as an asset on the mortgage. If I default on the loan stop making payments, will the mortgage company be able to obtain the land or just repo the trailer?

Asked on September 22, 2012 under Bankruptcy Law, South Carolina

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If the double wide is a secured asset for a loan by the lender and you stop making payments on it, the lender under the presumed security agreement for it would be entitled to foreclose upon the trailer and repossess it.

Possibly if there is a deficiency judgment as to the trailer's repossession a deficiency judgment may be recorded as a lien on your property that consists of six (6) acres. I suggest that you may wish to consult with a real estate attorney about your matter.


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.