Manufactured home financed on a conventional land in lieu program.

Asked by Richard Crump, Morganton, NC Sat Feb 14, 2009

I have a manufactured home financed on a conventional land in lieu program. I have lost my job and I am nowfacing foreclosure. Can the bank (Vanderbilt Mortgage and Finance, Inc) take my land and my house or will they just take my house?

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Rose Dupuis, Agent, Drexel, NC
Wed Feb 25, 2009
Richard: Lieu in french means instead of. From the gis in Burke co you owned your property then put the doublewide on it in dec. 2007. I live close to you in Drexel and can come by tonight to get a copy of your contract and have the broker in charge look it over to tell you what to do if that is ok. Just trying to help you with your situation. A deed in lieu of foreclosure is when they try to get you to sign everything over to them voluntarily, This will a release you from your indebtedness but they get everything. If the Land is not in the loan for part of your down payment then they can only get the doublewide. anyway I will see you Tonight cell number is 828 413 7948 Thanks Rose Date 2/26/2009
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