Mobile Home

[kplawin1]

My jurisdiction is: CA

I purchased a mobile home a few years back. There was no bank or lender involved. I pay the sellers an amount direclty to them each month, but, there was an Escrow company involved. Due to the economy I can no longer keep up with the Space rent and the mortgage payments. I will be laid off in a few months due to company closure as well. What can I do now? I have emailed the sellers this morning, but, no response yet. I do have a security agreement that was signed by all parties, that states that they can sue for total amount, if i can no longer pay. Can they really sue, and what would be the point to that, if i cant pay the mortgage, how could i pay if they sued me? Please HELP!!!!

 

[Theresagail]

Well if you signed a contract, they can sue you -- however getting a judgement against you and getting $$ are two different things-- If you have no assets or $$ then you just dont-- they will have a hard time getting paid back--

I am sure they will reconize this-- I would suggest meeting w. these folks and work out a plan so you may be able to stay there( if you want) until things pick up-- If all else fails you could file bankruptcy as a last resort too.