greentree foreclosures
Why would a company try to reposess a mobile home after only 2 months behind in payments?
My daughter’s mobile home is financed through Greentree Financial. She is 2 months behink in her payment. When she tried to make a payment today, the lady told herthat she would have to pay $1,963.00. ($1,100 in legal fees plus 2 months payments. The payment she as trying to make was refused.She was told that they would foreclose. Is this legal? How long does it usually take before the foreclosure takes affect? She isn’t in very good health and is about to have a heart attack over this, which makes me very sad and extremely angry with Greentree Financial. Thanks for any help.
Reposession and collection laws vary state to state. The foreclosure process takes a little time. If your daughter got a HUD mortgage loan, contact your local HUD office. They have programs to help people in her position. Sometimes, the bank itself has programs to help in her position, but you really have to find someone who knows the ins and outs of the bank to find out. If your daughter has any retirement accounts, they often lessen the penalties for early withdrawls for this type of situation. Also, her work may have temporary disability insurance policies she can look into which help to pay living expenses.
