Question:
We had a co-signer, we defaulted he took over payments and trailer. He defaulted, and the trailer was repossed and foreclosed. Did we have the right to be notified before the foreclosure, to make it legit on their part?If so, where do I find a copy of these rights for us, as loan holders?
Answer:
Joseph is right. Sounds like what you have is a loan secured by only the manufactured home, which is treated differently than real estate.
Unless the land on which the trailer sits is owned, then the laws/rules governing the foreclosure process do not apply. A trailer is, legally speaking, more like a car than a home.
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