voluntary repossession

greenspun.com : LUSENET : Repossession : One Thread

we are considering voluntary repossession of our mobile home. what are the steps we need to take and what are the consequences of it?

-- c martin (cnlmartin@bbnp.com), July 06, 2001


Avoid repossession at all costs - ignore the lender if they say that if you hand in the keys that will be the end of it - IT WILL NOT.

The consequence of any repossession where the property is sold for a shortfall is potentially many years of corressponding with the lender who will be asking for much more money that seems right and fair.

I would always recommend selling the property yourself - the lender is unlikely to get a repo order if you are taking action yourself - pay whatever you can towards the mortgage.

-- Matt (mattyc@ntlworld.com), July 10, 2001.

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