Reposession Of Mobile Home In Case Of Default?
Hello, I am new to this board.
I have some Real Estate experience but I don't know anything about mobile homes. I am attracted by high interest rates available through mobile home notes, however I am surprized the topic of reposession is not brought up a lot on this forum... Aren't there a lot of defaults on mobile homes? :-o What is the process for foreclosure, how long does it take, how much does it cost, etc.?[ Edited by MarkMarkov on Date 06/10/2004 ]
MH repo is just like a car loan...but almost never is it really necessary to go through the legal steps (which, by the way, vary state to state).
Have you read Lonnie Scruggs' books?
Doesn't appear so, or you'd know that normally the defauted buyer will gladly give the MH back to you and give you a release of his registered buyer interest, so you can resell and make a new down payment from a new buyer.
JohnMerchant,
Thank you for your reply. I will read the books you recommended to learn more about this. You say that a noteholder almost never has to foreclose on a mobile home... are there any statistics that show this? I once had a family in a nice 3-bedroom home who did not make rent payments and it took 5 months to evict them because they had kids and were in bankrupcy. I realize this is ownership and not rent but is it really any different?
JohnMerchant,
Thank you for your reply. I will read the books you recommended to learn more about this. You say that a noteholder almost never has to foreclose on a mobile home... are there any statistics that show this? I once had a family in a nice 3-bedroom home who did not make rent payments and it took 5 months to evict them because they had kids and were in bankrupcy. I realize this is ownership and not rent but is it really any different?
MARK MARKOV --
Here is California "legal steps" are required to repossess on mobile homes in parks.
OR alot of park owners and lenders have been doing something wrong for many years.
I have personally carried notes on mobile home loans. I had to start the default process twice with one resident. I used a default company which cost about 200-300 dollars that the resident had to pay the default company to stop the process. I used a company in Placer County called Placer Foreclosure. Ron is the owner and knowledgeable on foreclosing on mobile homes in parks. 530-888-8411
A lot of park owners use an attorney named Jack Frost from Sacramento. An excellent attorney ... very knowledge and he started the "warehouse sale" on mobile homes for park owners. 916-452-8343
Cheryl Lopez
[ Edited by cheryllopez on Date 06/17/2004 ][ Edited by cheryllopez on Date 06/17/2004 ]
Great info Cheryl.
Thanks!
John
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