Question about mobile home repo

Question

We are currently ahead on our mortgage payments and have check copies and bank statements to prove it. Our taxes for the year are paid and we have insurance. We have not been late on payments but they claim we have (and have included late fees on our blance) Our mortgage company has just sent us a letter demanding we pay the entire principal (which in this letter is higher than the original amount of the loan was) or they will begin process to repossess. We are in a park so there is no land in our name. We have begun looking for a lawyer who can help us... but I believe this may just be futile going up against this company. They claim we are in default.

I don't know what to do. We are a young couple and proud of what we have and have worked hard to be on time with payments. We do not want to declare bankruptcy.

Are there any resources or advice you can give? Thank you.

Answer 1

Review your loan agreement. Look for any clauses stating that your loan is callable. If it is callable, you'll have to settle with the lender. Meanwhile, you have checks marked 'paid' for mortgage and insurance payments, right? Make copies of everything, stash originals in a safe place, and go see your lender. Wouldn't hurt to see a real estate attorney beforehand..