Repossessed mobile home

Date: Tue, 08/30/2005 - 18:30

Submitted by anonymous
on Tue, 08/30/2005 - 18:30

Posts: 202330 Credits: [Donate]

Total Replies: 1

Five years ago I had a mobile home repossessed. I was told by the people I bought it from that I would be able to sell it for what I owe. I tried for a year to sell it after I moved out with no luck. Didn't help that the creditor wanted 18% to finance for the buyer. Well after five years, someone bought the debt and is now trying to collect 28,000. They sold a 43k home for 14k. What is the SOL for Indiana on this and is there any other defense?

Repossessed mobile home

Hi jjm
Welcome to the forums

The Statute of Limitation for the state of Indiana for various types' accounts and contracts are given below:

Open accounts: 6 years
Written accounts: 10 years
Promissory notes: 10 years

As the SOL of your state is not over you can contact the creditor and request him to accept monthly installment payments. Most of the creditors will accept this as they will able to collect the amount of the debt though not quickly yet within a stipulated time frame.

This is because if you do not pay the debt then the creditor can sue you and can take you to the court. In addition he can also bring judgement order against you and can garnish your wages. So in order to avoid from all this hassles it is better to negotiate with the creditor and pay off the debt. This will ease up your problem to a great extent.

Please feel free to write back in the forums

Regards.
Peter.

lrhall41

Submitted by peter on Wed, 08/31/2005 - 00:47

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