Whether you live in a site-built home or in a mobile home, the possibility of facing foreclosure exists, especially in this economic climate that includes a volatile real estate market, increasing unemployment rates, and increases in fuel, food, and related prices. At the same time, you should remember that if you find yourself in financial difficulty and are having trouble making your mobile home loan payments, there are options available to you; it is generally in your best interest and the best interests of your lender to keep you in your mobile home.
Mobile home foreclosure is becoming more common, as is a foreclosure in general, but contrary to what many consumers believe, most banks, credit unions, and other lenders are not a giant hurry to process a site-built or a mobile/manufactured home foreclosure.
The foreclosure process is costly and time-consuming; most lenders would much rather re-negotiate the terms of the loan or otherwise assist the homeowner than they would have the headache of foreclosing on a property.
Foreclosure laws vary by state; there is no national, unified system of laws regarding mobile home foreclosure or other property foreclosures. Similarly, some states consider mobile homes the same as any other dwelling, so they are subject to the same regulations. Other states have different rules for site-built foreclosures than they have for mobile home foreclosures.
Some states have different regulations based on how you registered your mobile home when you purchased it. Depending on whether or not you declared your mobile home as real property, your foreclosure may be handled differently from other foreclosures or in the same way as other foreclosures.
In any event, if you are considering a mobile/manufactured home foreclosure as an investment or as a residence purchase, you would be well advised to do a sufficient amount of research into the particular legislation regarding mobile home foreclosures. Some realtors can advise you, there is information available online, there are online and traditional companies that specialize in mobile home foreclosure purchases and banks and legal firms may also be able to assist you with what you need to know about purchasing one.
If you are a mobile homeowner who is falling behind in your loan payments, you too should probably consult an experienced professional to help you keep possession of your home. Most bankers do not want to foreclose or repossess property, and as such, can be quite willing to work with you if it appears that renegotiating the deal will result in their getting the funds down the road, even if it takes longer than expected. This basic concept is especially true in today’s current conditions as lenders face more foreclosures than ever.
So whether you are in the market to stop a mobile home foreclosure or purchase a home that is now owned by the bank because of mobile home foreclosure, today’s real estate conditions may be favorable for you after all. Consult a qualified professional to assist you in whatever state you live in.