can't pay mobile home loan

by Ted
(Asheville North Carolina)

What is penalty if stop paying for mobile home loan owe $23,500 worth $5,000?

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Jan 30, 2016
upside down mobile home

Ted - We can't say exactly. It depends on the terms of the contract, state law, and how far the creditor goes to pursue the debt. What we can tell you is that typically if you don't pay, the creditor will repossess it and may try to pursue you for the deficiency--the difference between what is owed (including costs of the repo) and what they sell the mobile home for.

Your best bet is to talk with a consumer bankruptcy attorney. The attorney can explain your options, and how to minimize the damage. In some cases it may be possible to "cram down" the debt in a Chapter 13 bankruptcy, which would mean you would pay what it is worth, not the full balance. (We don't know if that's an option in your case, but something you can ask your attorney.)

If you need help finding an attorney you can get a a free initial evaluation with a bankruptcy attorney here.

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