If I signed a promissory note for mobile homebut no longer want it, how do I give it back and get rid of the debt?

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If I signed a promissory note for mobile homebut no longer want it, how do I give it back and get rid of the debt?

Didn’t know what I was getting into when I signed, made a big mistake. I want to move out of the mobile home and no longer want to live their for various reasons. How can I do this without being majorly in debt because of my mistake? What will I be on the hook to pay?

Asked on December 11, 2011 under Bankruptcy Law, Texas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you signed a promissory concerning the loan that you obtained for the mobile home, you need to first ascertain if the mobile home is security for the loan or not. Most likely it is. The next issue is whether or not the mobile home qualifies under your state's anti-deficiency legislation as a home where the lender can pursue you for any deficiency in connection with its sale and the underlying loan.

For that, I recommend that you consult with an experienced real estate attorney in your state. If it does fall within your state's anti-deficiency statute with respect to the loan used for its purchase, then you would not be obligated for any deficiency if the registration is returned to the lender on the mobile home.


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