Bad Advice About Mobile Home Voluntary Repo

[jeanand55]

iowa. about 2 years ago, i started having issues with my mobile home, no one would refinance my mortage so that is could afford some basic repairs(paying about 13%). lender is in a different state and didn't lend to customers who were not residents of their state. later i called to ask about a home equity loan, they no longer loaned money on mobile homes. i explored every possible lending institution both locally and online. no one lended money for mobile homes unless i owned the land(which i didn't) or is was permanently secured to the lot. so i put the home up for sale. i was going to rent it, and decided to look at buying a regular home. my credit score was 745 and had no problem getting a home loan at 6% with no money down. my renter never moved in and i was told that if i voluntarily forfeited the home, turned to keys over to the loan co with a letter stating basically what i have here, it would be okay. now they're calling me sayin that they never received the letter and keys (which i sent by registered, certified mail and got the return certificate back). what kind of trouble am i in now? do i have to worry about them going in and taking al the funds out of my checking account? will they be able to do that if i switch banks? in the 7 years i lived in the home, i was NEVER late on a payment, i always paid over the mininum. can they take a tax return or garnish my wages? can i claim a hardship? i only make about 25,000 a year. thanks:

[LawResearcherMissy]

i was told that if i voluntarily forfeited the home, turned to keys over to the loan co with a letter stating basically what i have here, it would be okay.

I hope you have this in writing?

now they're calling me sayin that they never received the letter and keys (which i sent by registered, certified mail and got the return certificate back).

Send them a copy of the return receipt and a copy of the agreement to allow you to send them the keys, first. Mistakes do sometimes happen.

Iowa repossession rules are here.

[usedbranflakes]

Bill collectors lie; it's a fact. If there is a deficiency balance they may be able to pursue you for the difference between what is owed and what is sold. In many cases people purchase Mobile Homes for dimes on the dollar. If it is worth $30,000 it may only be picked up for $5k or $10k.

[jeanand55]

i know that it will negitively affect my credit, but to i have to worry about keeping money in my checking account? don't they have to actually get a court order to take money out of my account---and do they have to notify me before they do?