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?
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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 11 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.
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