If I have to walk away from my mobile home if they can later sue me or any other repercussions?
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If I have to walk away from my mobile home if they can later sue me or any other repercussions?
My husband was transferred to a new job for work over 4 hours from where we live now. We havebeen trying to sell it or have someone assume the payments but I just recently learned that the assumption plan is no longer available with my mortgage company. If our only choice left is to walk away from our mobile home can we be sued or have any other repercussions besides poor credit.
Asked on June 29, 2017 under Business Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Yes, they can sue you. The lender could do either of the following instead of simply accepting the home (e.g. after foreclosure, after you walk away from the home) as payment or satisfaction in full of the debt:
1) The could choose to not foreclose (e.g. they feel the home is not worth much) and simpy sue you for the whole amount you owe--foreclosure is an option for the lender, but they are not required to do it.
2) They could foreclose, sell the home at foreclosure auction or sheriff's sale, then--if it brings in less than the full remaining balance on the loan--sue you for the remaining, unpaid balance (this is called seeking a "deficiency judgment").
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