Need Info On Upset Sale - PA
My husband bought a trailer house with the land on upset sale. He bought it because it was listed as residential not as a trailer like the other that was on the list. This was his first time so my husband really doesn't know what he was doing. He went to a sale because his friend took him there. He didn't know that when you get a land from an upset sale that we will be responsible for the mortgages too. Of course, the house has 2 mortgages total to around $60,000 (1 with Green Tree and 1 with CitiFinancial). The lawyer for GreenTree called and threatened us that we should pay the money right away or they will start taking action. This house is not worth all this problem and we don't have the money to pay off the mortgages. My question is what kind of action that the mortgages company can do to us? We live in a townhouse that has a mortgage, can the mortgage company take our house? Is the mortgages will show up on our credit history automatically because we own the house? How do we get rid of this house before it ruin our mariage? Please, help us. I don't know who else to ask. The county wasn't really helpfull at all. Basically, they said we should do our homework first.
I just want to say thank you first for any help.
No Greentree cannot take your house. About the worst that can happen is that they can foreclose on the trailer and take that. It is not clear to me that this would even have any impact on your credit rating.
Look at it this way, your husband could have friends who drag him off to bars to drink and chase women. Or he could disappear for weeks on end hunting deer and come back smelling of smoke and whiskey.
So, he got a little carried away in the excitement of the moment and bought a trailer that he shouldn't have. I hope he didn't pay a lot. At least it wasn't a boat.
That said the next step is to figure out what the trailer and land are actually worth and figure out whether this was a small picadillo on his part or a major indescretion. Is he going to sleep on the couch or the porch? I hear its cold in Pennsylvania this time of year.
Other than that the County is right-- do your homework before you bid.
Mihabi,
This will not ruin your marriage!
We need some help from you.
Location of Mechanicsburg? Location and size of property? What did you get for $60K?
Don't worry about the Lawyer.
I will be in West Chester, Chester County, PA on Thursday morning is it close?
Regards, Frank
Thanks to everyone for the information. It helps me sleep at night now.
The property is at Shippensburg about 30 mins from Mechanicsburg. The size is about 1.01 acre.
My husband will be at Hershey, Dauphin county and he will be available in the morning around 9 till 1. I'm not sure how far is that from West Chester. He can meet you around there.