Can my mortgage company prevent me from my mobile home demolition ? I feel the amount of damage to repair from vandalism is more than repair cost covered by insurance.
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Can my mortgage company prevent me from my mobile home demolition ? I feel the amount of damage to repair from vandalism is more than repair cost covered by insurance.
The balance on the loan is less than the value of the land it sits on–3 blocks
in from Myrtle Beach,SC
Asked on February 21, 2018 under Real Estate Law, Connecticut
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Is the mobile home part of or one of the assets or properties securing the loan? For example, was the mortgage used to buy the mobile home (instead of or in addition to buying the land)? If the mobile home secures the loan, then they can stop you from demolishing the home, because in doing so, you would be eliminating an asset which is securing the loan, and you can not do that--they agreed to loan you the money in exchange for certain security, and you cannot take the security away from them.
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