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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 30168
Experience:  JA Mentor
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My husband and I have had our home on the market from June

Customer Question

My husband and I have had our home on the market from June to Nov. 2015 with no success. Our income has been reduced more than 50% and we must move on to survive financially. Our question is this: If we move out of state and purchase a mobile home and pay it off in full (with what annuity) we have remaining, can the bank take possession of our new home? What steps must we take to secure this not happening?
Submitted: 1 year ago.
Category: Real Estate Law
Customer: replied 1 year ago.
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Expert:  Lucy, Esq. replied 1 year ago.


I'm Lucy, and I'd be happy to answer your questions today. I'm sorry to hear about your situation.

Maryland law allows the bank to sue you for any balance remaining on the house after a foreclosure and to get a judgment against you. Whether a judgement can be used to take your new home will depend upon what state you're moving to. Many states offer some level of protection from having your home taken, but I'd need to know where you were planning to move in order to look it up. If you file for bankruptcy, federal law will protect up to $45,970 in your home as a married couple that files taxes jointly.

With that said, mobile homes can be classified as both personal and real property. You'll typically get more protection if the home is fixed in place somewhere, but there are other factors. If you think filing for bankruptcy might be a good option for you, it may help to talk to a bankruptcy attorney before you do anything.

Expert:  Lucy, Esq. replied 1 year ago.

Did you have any other questions about this?