A short sale of a mobile home.

Asked over 1 year ago - Troy, MI

My mobile home has a balance owed probably more than my home is worth. If I chose to short sale, am I allowed to keep assets, such as a savings account and annuity without having to use it to pay on the mortgage? I've been paying on this home for 10 years and still owe about $26,000. Thank you

Attorney answers (4)

  1. Denis C. Monahan

    Contributor Level 12

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    Answered . The answer depends on what deal you can strike with the lender. In a "short sale", the lender agrees to take less than is owed to release its lien on the property so that the property can be sold for less than is owed the lender. The lender will most likely require that you submit complete financial records as part of your request for approval of a short sale alone with an appraisal or other evidence of the value of the asset. The lender will then decide what it will offer to do as to a short sale. The lender may reject the request, if you have other assets, could demand that you pay more than the sale price of the short sale asset, or could allow the short sale and still sue you for the deficiency - the difference between what it receives from the short sale and what you owe. The lender does not have to agree to a short sale.

  2. Matthew Allan Quick

    Contributor Level 13

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    Answered . I agree with my colleagues and would consider the obligations to the mobile home park, if any, and whether a short sale is typical with a mobil home, rather than attachment or some other form of satisfaction.

    It would be wise to talk with an attorney that is local about the details of your situation.

    Best of luck!

  3. James P. Frederick

    Contributor Level 20

    Answered . Yes, you would be able to retain your other assets. A short sale in essence is an agreement by the mortgage lender that they will accept LESS than the amount owing on the loan. They would need to approve the sale, in order for you to get out from under the debt.

    James Frederick

    ***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ******... more
  4. John W. Drury

    Contributor Level 10

    Answered . As has been stated by the previous attorneys, a short sale is an agreement with your lender where the lender accepts less than what is owing on the loan and released its lien/mortgage. Whether the lender gives you a complete release from the debt is something you need to resolve with your lender. A good lawyer can help. John W. Drury

    So there is no misunderstanding, this answer does not create an attorney/client relationship and you cannot... more

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