mortgage foreclosure on second home
My husband and I recently moved to Florida, where we purchased a mobile home. We are moving back to Michigan, and we have a home which is paid for and some property. If we are unable to sell the mobile home, our contract states that it is secured collateral; it will be reposessed and sold to pay the debt. Can the finance company attempt to seize our other property if this debt is not paid in full by the seizure and selling of the home? Is there a certain amount of debt that one must have in order to have assets seized. We would expect to owe no more than 5,000.00.
Thank You