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CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10244
Experience:  I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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I bought a manufactured home I found out that I was given

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I bought a manufactured home I found out that I was given a service mortgage even though my paperwork did not indicate this they said nothing they can do to to help me get a land mortgage the lot rent is higher than the house pmt I can no longer afford this home. The hometown co paid my down pmt and pressured to close asap and I paid the clerk the money back. I been here since nov 08 . On a fixed income and want out of this mortgage. Can I bankrupt and include this manf-home in it? The mortgage was 43,900$ but a buyer of these type of homes says the most I would be offered is 15,000$ it is a 94" home am I just screwed or what can I legally do.?

Dear Customer,


Thank you for choosing Just Answer. I would like to assist you with your legal question today. Unfortunately, I cannot give you specific legal advice (I do not know the resolution that will best fit you), but there are options for you if you are unable to continue to pay on this property and/or the remainder of your current debts. This debt can be included in a bankruptcy.


You may file for either a chapter 7 (liquidation chapter, if you qualify) where you sell all of your assets and keep only those assets or cash that are subject to exemptions, or a chapter 13 ("homeowners chapter") where you continue to own much of your property, but the payment terms on your debt is fixed through the bankruptcy system for the next 3-5 years.


If you no longer wish to keep the property and are willing to allow the bank to repossess it, you can simply quit paying. The lender can come and take possession of the property, but you may be liable for the "excess" in a deficiency judgment against you at some later point if the lender chooses to pursue that option.


You can try to work with the lender and see if you qualify for a mortgage refinance, which may ease the terms.


Bankruptcy is one option that will relieve you of this debt, but I would strongly suggest that you make an appointment with a bankruptcy or insolvency attorney in person. (I don't want to shove you off with "go see an attorney", but an in person consultation with an attorney will allow for an evaluation of your debts and income and help you properly prepare for a bankruptcy - there is actually a lot of skill that goes into good bankruptcy planning, and you will get far more out of your bankruptcy this way).

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