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  1. Rickcalifornia

    Rickcalifornia Law Topic Starter New Member

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    My mom has a 30 yr loan on a mobile home in CA. She filed a bankruptcy a few years ago. During that time some payments were deferred. They were tacked on the rear of the loan. The loan was issued at the end of 98, not even 15 yrs ago. The loan company (Green Tree Financial Rapid City, SD) called this morning and said the previous deferred payments were all past due and a balance of 4000+ was due at this time. How can a 30 yr loan be due before 15 yrs has expired? And what our our options at this point? My mom is on SS and has made all her payments on the loan ahead of time.To complicate matters, she can not find the original loan papers. According to the statement she receives, these are the last payments due to complete the loan.
    Last statement
    Billing date 08/02/2013
    NEXT DUE DATE 08/25/2103
    Total Amount Due $2,428
    We could use some help.
     
  2. mightymoose

    mightymoose Moderator

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    Do you have any documentation from the bankruptcy that explains how the mortgage payments were to be handled? That would be more important right now than the original loan papers.
    Copies of the original loan can be obtained very easily.
     
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  3. Rickcalifornia

    Rickcalifornia Law Topic Starter New Member

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    She just informed me the house and the payments were not included in the bankruptcy MM.
     
  4. Rickcalifornia

    Rickcalifornia Law Topic Starter New Member

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    She just called the lender, and they said we have until the 19th of this month to pay off the 4500.They are sending copies of the loan agreement as well. They will not tell her on the phone the length of the loan agreement. She claims it was a 30 yr laoan, but even at 15 yrs, it wouldn't be up until the end of the yr would it?
     
  5. mightymoose

    mightymoose Moderator

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    Well then it sounds like she is far behind on her payments. If she doesn't pay up then she is at risk of losing the property and the money she has put in to it.
    If the property was not included in her bankruptcy then she needed to maintain those payments as agreed.
    Perhaps she can secure a small personal loan for a fee thousand dollars?
     
  6. Betty3

    Betty3 Super Moderator

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    If the mobile home wasn't included in the bankruptcy, then she needs to continue making payments as agreed. Mightymoose had a good suggestion. Can she get a personal loan to pay off the amount due on the mobile home & then pay the loan facility back (on a monthly basis for example)?

    She "might" though have trouble getting a loan or will get one with a high interest rate due to filing for bankruptcy a few years ago. It would depend on how long ago she filed for bankruptcy, her credit history since then .........
     
  7. Rickcalifornia

    Rickcalifornia Law Topic Starter New Member

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    Thanks all. She has maintained her payments 1 month ahead of schedule, and the payments missed were to be added at the end of the loan. My question remains, How can a 30 yr loan be due after 14 yrs and 8 months? We have retained counsel.....Again, Thank you for your kind help.
     
  8. disagreeable

    disagreeable Well-Known Member

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    Apparently is was a 15 years loan, if the final balance due at this time is so low.
     
  9. Betty3

    Betty3 Super Moderator

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    It's hard to believe it's a 30 year loan but work with your counsel. Good luck.
     

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