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REPOSSESSION-- HELP--


gravelgirl66
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Hi -- just wondering don't know if I am posting this in the right place or not. Anyways my hubbie, had his home repo'd (manufactured home) about two years ago. (divorce) and this shows up on his credit as like a 52k loan defaulted on. Yet I thought if they repossess something they sell and you wind up paying the diffrence. It shows like no payments were ever made. And one bureau states the loan is around 37k-- I have tried to dispute it, but it keeps coming back "verified"-- :evil:

He has other CL that are good, and some that are bad. but with a debt this large, should he also just file BK and call it even.?

I don't want to wake the sleeping Lion, cause we certainly don't need him getting sued too.

Can ya'll help?

Thanks again---

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Don't know that I can help, but I'll speak up anyway.

First, I'm not sure if repoing a house works like repoing a car. I would think a house repo (manufactured or not) is more like a mortgage foreclosure. You might post over in the "Lawyer in the house" forum and ask.

Second, from what I've heard, the resale value on trailers (is that what we're talking about) is much, much less than the orginial value...so if it like a car repo, then the balance due could be significant.

And....welcome to the board!

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It depends on the state actually. In some states a mobile home has to be treated like a vehicle because it is a mobile home.

So it does show as a repossession.

You need to check your state laws see what they say then proceed.

They might not have followed all the repo laws correctly and you would be entitled to an affirmative defense.

Just a thought

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Don't know, if it was foreclosure or repossession. I have successfully managed to get quite a few things off his credit (b/c of this board) but some of those old debts, like from 99 ugh they won't budge. I personally have to file bankruptcy in the next few months, but since its sooooo much money I didn't know if we should just file together. The loan is only about 3years (default)--

We live in FL--

I really appreciate everyone's help

thanks so much

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