Mobile Home

[PeachiePie]

my sister-in-law died leaving a balance on her mobile home of $20,000. She did not leave a will. The home is worth $6,000 now. Her son lived with her and lives in the home now. The financiers are asking for payments from him, but he will not pay because the he can never own it. He is willing to buy the home at its present retail value. What are some of his options?

 

[army judge]

my sister-in-law died leaving a balance on her mobile home of $20,000. She did not leave a will. The home is worth $6,000 now. Her son lived with her and lives in the home now. The financiers are asking for payments from him, but he will not pay because the he can never own it. He is willing to buy the home at its present retail value. What are some of his options?

Someone has to pay off the $20K.
If that isn't paid off or assumed (if they still allow that these days), the unit will be foreclosed upon.
He can get a free ride for about 6 to 12 months, give or take a month or two.

 

[PeachiePie]

Thanks. I wonder what will the foreclosure involve? Court proceedings and auctioning? I really don't see how the balance (20,000) can be that much with the current value being $6,000. The unit is only about 4 or 5 years old. What is the hidden cost? My family owns the land where the Mobile home is located. What recourse do we have? We do not want to buy it or assume the loan. Again thank you for your advice.

 

[army judge]

Thanks. I wonder what will the foreclosure involve? Court proceedings and auctioning? I really don't see how the balance (20,000) can be that much with the current value being $6,000. The unit is only about 4 or 5 years old. What is the hidden cost? My family owns the land where the Mobile home is located. What recourse do we have? We do not want to buy it or assume the loan. Again thank you for your advice.

If the owners of the land on which the home sits no longer want the home on their property, they can (depending under what circumstances the land was leased or loaned), have the home removed. It all depends on whether the home is considered real property or personal property.

An inquiry could be made of the local property tax confiscator.

 

[disagreeable]

Apparently, his option is to buy it at auction if he does not want to pay the deficiency to inherit it.

 

[army judge]

Apparently, his option is to buy it at auction if he does not want to pay the deficiency to inherit it.

That could work, unless a smarter fox comes along and outbids him.

 

[disagreeable]

I am betting the park is allowing the fees to add up and will file for title eventually if the lender does not repo and remove.