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New Member
texasccw
Posts: 7
Registered: ‎08-04-2009

Re: On mobile home title, but not on loan?

I just received a certified letter that I will be picking up from the post office in a few. I will add more info if necessary. I think since I have cleaned up my credit they want to get something out of me. I am sticking to my guns and saying that they are in the wrong here. Should I go get the cert mail?

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: On mobile home title, but not on loan?

 


texasccw wrote:

I just received a certified letter that I will be picking up from the post office in a few. I will add more info if necessary. I think since I have cleaned up my credit they want to get something out of me. I am sticking to my guns and saying that they are in the wrong here. Should I go get the cert mail?


 

Picking up the certified mail or not picking it will not change the outcome if it relates to this debt. They just keep on their records the attempts they made to contact you at last known address on file and that is enough for them to proceed with reporting and collection activities.

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Moderator
Lel
Posts: 5,268
Registered: ‎03-18-2008

Re: On mobile home title, but not on loan?

 


texasccw wrote:

When the loan was transferred it was not transferred with my signature. Does that make sense? The mobile home needs to be registered like a vehicle and I am on that title only not on their loan docs. She is the only one paying, or better yet, not paying it. Someone please let me know if I am wrong and has gone through this same or similar problem. I think they are in the wrong here.


 

Mortgage loans get transferred from lender to lender all the time, without requiring the consent or signature of borrowers.  This does not mean that you are somehow excused from the debt obligation to which you agreed when you signed the initial loan documents with Oakwood Acceptance.  In all likelihood, there is some fine print in your original loan application states that your loan may be transferred to another lender or servicer.  It's standard language on the Uniform Residential Loan Application form.  I'm guessing that the loan application for  manufactured homes might be different, but I would expect similar language on that form.  Some borrowers in default have attempted to use this practice (the transfer of mortgages) to challenge the validity of the debt, but for the most part they have not been successful in doing so.

 

Regardless of whether you feel the debt is valid or not, this will be a problem if you try to apply for a new mortgage.  In the disclosures of the Uniform Residential Loan Application it specifically asks: "Have you directly or indirectly been obligated on any loan which resulted in foreclosure, transfer of title in lieu of foreclosure, or judgment?  (This would include such loans as home mortgage loans, SBA loans, home improvement loans, educational loans, manufactured (mobile) home loans, any mortgage, financial obligation, bond, or loan guarantee...)"  You would be required to disclose the mobile home loan, even though it doesn't appear on your credit reports (for now - a collection agency would not be shy about reporting the debt).  Failure to do so would represent mortgage fraud.  Furthermore, even if the loan doesn't appear on your reports, it will probably come up during the title search for any new purchase application, which would also halt your home buying efforts.

 

In my opinion, denying the debt isn't going to do you any good, and neither is ignoring letters from collection agencies or creditors.  This problem isn't just going to go away quickly, and so long as it remains unresolved, you won't be able to fully move on with your life.  As has already been mentioned, co-signing a loan is explicit acceptance of responsibility for the repayment of the debt.

New Member
texasccw
Posts: 7
Registered: ‎08-04-2009

Re: On mobile home title, but not on loan?

Thanks, I appreciate the responses. Now I know something is wrong because as I mentioned in my first post I just got approved for a home recently. We are going on one year since I closed. I am really confused as to what my next approach should be. This is not the first time that I received the certified letters. She usually gets back into paying and they completely stop coming.

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Moderator
Lel
Posts: 5,268
Registered: ‎03-18-2008

Re: On mobile home title, but not on loan?

Ah, I thought you were in the process of obtaining a new mortgage.  I misunderstood.  Either the mobile home loan wasn't in default at that time, or perhaps Vanderbilt really lost track of you in the transfer process.  However, nothing that you have written indicates that you are officially and legally released from that debt obligation.  I would now be concerned about any liens against your current home stemming from the mobile home debt.  This is not something to be passive about.  Have you spoken with your ex-girlfriend about what's going on?

New Member
texasccw
Posts: 7
Registered: ‎08-04-2009

Re: On mobile home title, but not on loan?

I still have contact with her father as he is my former business partner. I don't really want to aggravate the situation and ask what is going on, but I don't have a choice at this time. The previous time was a hassle. I asked her father to refinance and he said it wasnt possible at the moment. Maybe things have changed? It really bothers me how irresponsible she is. I wish she was completely out of my life!  

Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009

Re: On mobile home title, but not on loan?


texasccw wrote:

When the loan was transferred it was not transferred with my signature. Does that make sense? The mobile home needs to be registered like a vehicle and I am on that title only not on their loan docs. She is the only one paying, or better yet, not paying it. Someone please let me know if I am wrong and has gone through this same or similar problem. I think they are in the wrong here.


Lenders transfer / sell their credit portfolio every day.  They virtually never need your approval or even knowledge when they do so.

 

If you signed the original mortgage documents / promissory note, until such time as she has refinanced in her own name you are obligated, end of story.

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