Mobile Home Foreclosure Consequences

Summary

Foreclosing on a mobile home in Missouri can result in repossession of the home, but not the land. If the sale doesnt cover the loan, lenders might pursue a deficiency judgment. If unable to pay, they could garnish wages, levy bank accounts, or place liens on other properties. Some funds, like Social Security, may be protected. A lien on personal property allows creditors to claim assets like vehicles or jewelry. Transfers made to defraud creditors can be challenged. Consulting a local attorney is advisable for personalized guidance.

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What is a deficiency judgment
A deficiency judgment is a court order that makes a borrower personally liable for the remaining debt after the collateral (like a mobile home) has been repossessed and sold. If the sale doesn't cover the full loan balance, the lender might pursue this judgment to recover the difference.
What could they take if you can’t pay the deficiency judgment?
If you can't pay a deficiency judgment, the lender might take the following actions:
- Garnish Wages: They could seek a court order to garnish your wages.
- Levy Bank Accounts: They may try to levy funds from your bank accounts.
- Lien on Property: They could place a lien on any other property you own, but not on your land if it's not part of the loan agreement.
It's advisable to consult a local attorney to explore options like negotiating with the lender or considering bankruptcy.
What does a levy bank account mean
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A bank account levy means that a creditor has obtained a legal judgment against you and has the authority to take money directly from your bank account to satisfy the debt owed. This is typically done through a court order. Are you considering any specific actions regarding your mobile home?
How much can they take if you don’t have much in your bank account and am retired?
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In Missouri, if a creditor levies your bank account, they can take the full amount of the judgment, but only what's available in your account. Some funds, like Social Security or retirement benefits, may be protected from garnishment. You might want to discuss possible exemptions with a local attorney.
What’s a lien on a property?
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A lien on a property is a legal claim or hold on an asset, such as real estate, to secure a debt. It gives the creditor the right to take possession if the debt is not paid. Would you like more information on how liens might affect your situation?
What is a lien on personal property that’s not a home?
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A lien on personal property that's not a home is a legal claim or hold on assets like vehicles, jewelry, or other valuable items to secure a debt. If the debt isn't paid, the creditor can take possession or sell the item to satisfy the debt.
What’s a lien on personal property that’s not land or a house?
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A lien on personal property that’s not land or a house is a legal claim on movable assets like vehicles, jewelry, or other valuables. It allows a creditor to take possession or sell the item to settle a debt if it's not paid.
If someone transfers personal property they own and then has a lien put on them can they go after the person that had the personal property transferred to them?
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If the transfer was made with the intention of defrauding creditors, the creditor can potentially pursue the person who received the property under fraudulent transfer laws. Otherwise, if the transfer was legitimate and made before the lien, the recipient is generally not liable. Consulting a local attorney would be beneficial for personalized advice.