Voluntary Repossession

Voluntary Repossession

The manufactured-home owner voluntarily surrenders the home to the lender outside of court. Similar to a short sale on a mortgaged home, the lien on the home would be released for less than the borrower owes. The lender would then sell the home, which may result in a deficiency judgment for the difference between the sale price and the amount owed in addition to any storage charges or lot rent paid by the lender.