9/07
What if my house is a Mobile Home?
You can usually keep mobile homes in Missouri.
If you are current -- and keep current -- on payments and have less than $5,000 equity in your Missouri mobile home, you should be able to keep it. That is true in either Chapter 7 or Chapter 13. The lender may ask for a reaffirmation agreement in certain situations.
If you have more than $5,000 of equity in your Missouri mobile home, you may need to file a Chapter 13 Plan instead of straight Chapter 7 bankruptcy.
This is true if you rent the pad or do not own the land the mobile home is on. If you do own the land, you should make sure the home is permanently attached to the land and made a "fixture." In doing so, you will be able to protect the land and the mobile home as your homestead for $15,000, instead of only $5,000. If you do not, you may not be able to protect either the land or the mobile home in Chapter 7.
The home equity amount protected can be different if you have moved to Missouri from another state in the last three years.
If you are behind on payments, a Chapter 13 may be necessary to cure the missed payments in the repayment program. And you may need to be able to keep making the regular payments. Changing the terms of a mobile home loan that doesn't include the land is possible but it depends on your finances and the amount owed.
If you are current -- and keep current -- on payments and have less than $5,000 equity in your Missouri mobile home, you should be able to keep it. That is true in either Chapter 7 or Chapter 13. The lender may ask for a reaffirmation agreement in certain situations.
If you have more than $5,000 of equity in your Missouri mobile home, you may need to file a Chapter 13 Plan instead of straight Chapter 7 bankruptcy.
This is true if you rent the pad or do not own the land the mobile home is on. If you do own the land, you should make sure the home is permanently attached to the land and made a "fixture." In doing so, you will be able to protect the land and the mobile home as your homestead for $15,000, instead of only $5,000. If you do not, you may not be able to protect either the land or the mobile home in Chapter 7.
The home equity amount protected can be different if you have moved to Missouri from another state in the last three years.
If you are behind on payments, a Chapter 13 may be necessary to cure the missed payments in the repayment program. And you may need to be able to keep making the regular payments. Changing the terms of a mobile home loan that doesn't include the land is possible but it depends on your finances and the amount owed.
