My question involves a foreclosure in the State of: California
I am currently considering defaulting on my loan with Navy Federal Credit Union on my mobile home. Because it is a mobile home, I don't have a mortgage but a consumer type loan. My home is currently on the market for less than what it is worth, but if it doesn't sell by the end of summer I may stop making payments and let the bank take possession because I need to move by August. (The park doesn't allow renters). What are the possible consequences? Can the bank sue me? Can they garnish my wages? Will I have to pay taxes on the defaulted amount? Even if it does sell, will I still owe the bank the remaining amount? What happens if I refuse to pay? Will I have to worry about this for the rest of my life or is there a certain amount of time that the bank has to take action?