If I signed a promissory note for mobile homebut no longer want it, how do I give it back and get rid of the debt?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I signed a promissory note for mobile homebut no longer want it, how do I give it back and get rid of the debt?
Didn’t know what I was getting into when I signed, made a big mistake. I want to move out of the mobile home and no longer want to live their for various reasons. How can I do this without being majorly in debt because of my mistake? What will I be on the hook to pay?
Asked on December 11, 2011 under Bankruptcy Law, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you signed a promissory concerning the loan that you obtained for the mobile home, you need to first ascertain if the mobile home is security for the loan or not. Most likely it is. The next issue is whether or not the mobile home qualifies under your state's anti-deficiency legislation as a home where the lender can pursue you for any deficiency in connection with its sale and the underlying loan.
For that, I recommend that you consult with an experienced real estate attorney in your state. If it does fall within your state's anti-deficiency statute with respect to the loan used for its purchase, then you would not be obligated for any deficiency if the registration is returned to the lender on the mobile home.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.