What happens when I walk away from a trailer mortgage and lot rent

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What happens when I walk away from a trailer mortgage and lot rent

I currently have a mortgage on a trailer that I can not sell to pay off the
mortgage, and have a lease with a trailer park for the lot rent. What would
happen if I walk away from everything.

Asked on July 25, 2019 under Real Estate Law, Delaware

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

You could be sued. Under the lease, you owe the rent for the full term or duration of the lease; if you stop paying, the trailer park could sue you for the remaininig rent due under the lease (technically, they could sue you for the rent for the remaining months under the lease or until they re-rent the space, whichever happens first). And under the mortgage, you owe a certain remaining amount of money; the lender could sue you for that money instead of repossessing the trailer (such as if they think the trailer is not worth enough to make repossession worthwhile) or could repossess and sell/auction it, then if it does not bring in enough to pay off the full remaining mortgage, sue you for the balance.


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