Walk Away From Mobile Home

worried60

LoanSafe Member
Nov 11, 2010
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0
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Hi, I was wondering if I choose to walk away from my mobile home, what can they do to me? I currently owe $51K and it is probably worth only $20K. I do have it listed for sale, but with the many mobile homes for sale in my park, it's not going to sell. I want to walk, and I now my credit will be ruined for awhile. But when the mortage company repossess it, and sells it, can they come after me for the balance? I live in California, isn't California a anti-deficiency state? Any advice would be appreciated. Thanks.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Welcome and thanks for joining the forum.

It is true California is an anti-deficiency/non-recourse state. Therefore, pretty much all foreclosure will go through the non-judicial foreclosure process which will not allow a deficiency judgment to be filed. I would call up a local real estate attorney to go over your situation for a brief free consultation.
 

Brandon W

LoanSafe Member
Nov 13, 2010
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0
0
Grand Terrace, Ca
Hi worried60. I'm in a similar situation. I owe around $101k and would probably be lucky to get $55k. I too am in a park. I recently had a consultation with a real estate attorney who originally told me I wouldn't be protected by California's anti-deficiency laws because a mobile home is considered personal property and not real property. He called me back the next day and cited Health and Safety Code 18038.7. I looked into the code it sounded like I would be protected, however, it has been cited in court twice. One appellate court ruled in favor of the defendant and another appellate court ruled against the defendant. The were separate cases. The issue that arose was the wording of "seller" in the code. The court that ruled against the defendant found the seller was not the lender. I'm still looking into this and plan on contacting the attorney again to see what he has to say about the research I did. I'll update this when I get more information. If anyone reading this has more information, it would greatly be appreciated.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
I do not understand that what is walk away from mobile home?can anyone explain it.thanks
Welcome to the forum.

Basically this just means you are no longer making your mortgage payments and are gonna let your home go into foreclosure..