foreclosure with personal loan?

[schleyguy]

In the state of California
I was evicted from my mobile home. Can the owner of the park file a foreclosure against us if we had a personal loan with him and not a bank loan

 

[FlyingRon]

It doesn't make a difference whether it is a personal or bank loan. It matters if there was a security instrument in place that allows the foreclosure. If we're talking about real estate that's typically a mortgage or deed of trust. If we're talking about a mobile home, it's typically a lien.

When you say you were evicted, how was that done and do you mean they just kicked you out of the mobile home or did they tell you to move your mobile home out of the park?
Do you own the property in question or was it a rental or rent to own?

There's more detail we need to answer this.

You may also wish to read these documents:
http://www.courts.ca.gov/documents/mobilehome_residency_law.pdf
and
http://www.courts.ca.gov/documents/rv_park_occupancy_law.pdf

 

[Just Blue]

In the state of California
I was evicted from my mobile home. Can the owner of the park file a foreclosure against us if we had a personal loan with him and not a bank loan

Perhaps, maybe...depends.

 

[schleyguy]

I was evicted by a court order for falling behind 5 months on the space rent only
we paid the owner of the mobile home $40,000 and then were making monthly payments with interest to him until the mobile home was paid for
It was a personal loan not a bank loan
The mobile home is still sitting in the park
we are just walking away from it and they are threatening a foreclosure if we do not sign paperwork that states we voluntarily turn the mobile back over to the owner??
I did not think you could file foreclosure unless it was a mortgage
thanks

 

[FlyingRon]

Again, whether it is PERSONAL or a BANK LOAN makes no difference.
The question is whether there is some security interest (lien, mortgage, etc...) on the property, then yes they can foreclose on it if you don't pay. You can attempt to negotiate credit for what you've already paid.
If they do foreclose, you will get a refund between the foreclosure price and what you owe (though often the only bidder is the guy who is foreclosing and he only bids what he is owed).

 

[schleyguy]

so whether we like it or not it is going to affect our credit - correct
are they required to disclose to us the foreclose bid price to know whether or not we would receive a refund?

 

[FlyingRon]

First of all, it's not up to you to like it. When you enter into contracts you are expected to abide by them.

Now as for credit reporting, you never asked about that in a past, you asked if they could foreclose.
As far as credit reports go, you probably won't get dinged on this one as small time loans like this don't have the option to report delinquencies to the credit bureaus.

You should be able to get the details on the foreclosure action. If you don't you can contact the California HCD which oversees these things: http://housing.hcd.ca.gov

 

[OK-LL]

While FlyingRon is likely correct that your small-time or personal lender does not have access to report your delinquency to a credit bureau, the credit reporting bureaus will likely pick up the foreclosure and THAT will have a negative effect on your credit rating.