Montana Complaint for Repossession of Mobile Home Due to Defendant's Defaulted Payments

A disadvantage of buying a mobile home is that its value will depreciate quickly. Like a new car, once a mobile home leaves the factory, it quickly drops in value. Stick built homes, on the other hand, normally appreciate in value over time because the stick built home owner almost always owns the underlying land.

Your repossession and any late payments and collections that went with it will be automatically deleted after seven years. At that point, they will no longer affect your credit score.

What Happens if the Manufactured Homeowner Defaults on the Loan? If the borrower defaults on loan payments for a manufactured home, the creditor can repossess or foreclose the home.Generally, if the home is personal property, the creditor repossesses the home.

If the lender can't prove that your debt is accurate, fair or substantiated , then the credit bureaus can remove the repossession from your credit reports. Your window to negotiate with your lender may be short or already closed if they've already repossessed your asset.

A repossession takes seven years to come off your credit report. That seven-year countdown starts from the date of the first missed payment that led to the repossession. When you finance a vehicle, the lender owns it until it is completely paid off.

You can pay off the difference of the mortgage right away if you have the cash on hand. You could also take out a loan for less money with a lower interest rate than the mortgage. Another option you have is to short sale your mobile home.