For the intended purpose of this conversation we are strictly speaing frankly about houses which can be considered a mobile home or manufactured home (nevertheless moveable) and therefore are categorized as individual home (the mortgage is just from the mobile house). We have been perhaps not speaking about a mobile home that happens to be changed into real property (attached to land permanently) because of the loan containing land as security together with online installment loans new mexico bad credit the home. When you yourself have a mobile house or manufactured home this is certainly completely connected to the land and/or is wrapped up using the land when you look at the loan, it could be addressed like most other home loan that will should be defended against property foreclosure in bankruptcy since it could be subject to foreclosure (like most other mortgage) perhaps not the procedure we are going to talk about here.
In the event that you get behind or default on loan repayments for a mobile house, the creditor can repossess the mobile house. There are 2 methods this is done.
Replevin Action. The creditor runs on the judicial process called replevin. The creditor files case in court and asks the court to give an order for repossession.
Self-help repossession. The creditor takes control without going right through a judicial process by delivering a repo agent off to use the mobile house away. This will be a whole lot more practical for cars although not for mobile homes. Read more