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In January 2008 I sold my deceased mom's mobile home for about $65,000. I carried the loan. Yesterday I called the buyers because I had not received a July 1st payment. They simply said they have no money and the keys are in the mail. What do I do now?? The value of the mobile home has decreased to about $27,000. It will be difficult to sell. I do not live in the area, but I hear the place is a mess! How do I even get the property back to my name so I can attempt to resell it? I do not know where the buyers are going or anything. Can you get me going in the right direction? I'd appreciate some guidance. ~~Pam
State/Country of Question: California Already Tried: I just found out they are moving out. Last week I offered some options to reduced the loan principle and the interest rate, but they did not accept any of the options. They currently have a 12% interest rate because they could not get financing (poor credit. They asked for 4%. I said no, I would give 8% and reduce the principle by $10,000. Yesterday they said they mailed me the keys! Yikes!
Thank you XXX XXXXX JustAnswer! Who owns the home and who owns the lot?
The mobile home is in a mobile home park and there is a monthly space rental that the buyers pay. I hold the lien to the mobile home. The buyers are essentially buying it from me as a private sale rather than through a bank. I have a formal/legal contract through escrow, etc.
After your mom's passing, did you have any of the property paperwork changed into your name or is it all still in your mom's name?
It is all in my name now. I was on the title with my mom proior to her death. So, I was the legal owner when I sold the home.
When you sold the home, was the title paperwork changed to their name or did you keep it in your name so long as the loan was still out there?
I believe the title is now in their names. I have a promissory Installment note and security agreement. The title must be in their name so they can rent the space in the mobile home park.
You need to re-establish contact with them to have them re-title the property back to you. You take the same steps that you did before but in reverse.
Attorney
Michigan lawyer who explains basic criminal, consumer, and contract-related matters.
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