Repossessed Mobile Homes - A Guide To Finding Mobile Homes In Foreclosure
Filed Under Business | Posted on July 30, 2008
Sadly not everyone who buys a mobile home can afford it. When they figure out how much they can afford in monthly home payments, they may forget to calculate in lot fees, utilities, taxes and the like. Plus, since many mobile home buyers arrange for their financing through the mobile home manufacturer rather than through a bank - most mobile homes are financed via personal property loans, not traditional real estate mortgages - people are more likely to have been sold a home they cannot afford. Not only that, but such loans do not have foreclosure protection and the mobile home can be repossessed, just like a car, without notice or going through foreclosure proceedings.
This means that there are many quality mobile homes available. Mobile homes - or manufactured homes, as they are called today - are not like our parents’ mobile homes. Cathedral ceilings, hot tubs, fireplaces and the like are often found in today’s manufactured homes. Plus mobile homes of 1,800 to 2.000 square feet or more are not uncommon.
For someone looking to get a good deal, a newer used or repossessed mobile home can be quite a bargain. As mobile homes, particularly those in trailer parks tend to depreciate in value, rather than increase like a traditional built home would, you can find a great home at a bargain price.
Many mobile homes in foreclosure can be found in trailer parkers. You can ask park management if they are aware of any homes in foreclosure. Most park owners are well aware of what is going on in their parks.
HUD is another source of mobile home foreclosures since many first-time mobile home buyers qualify for FHA loans. HUD sells these foreclosed properties to recover the loss on the foreclosure claim. You can start your search on the HUD Homes webpage.
The VA (Veterans Administration) is another source for foreclosed mobile homes as is Fannie Mae. Like HUD, the VA and Fannie Mae help people with financing mobile homes and, as a result, handle foreclosures for people who have defaulted on their loans.
For more on mobile home forclosures and mobile home mortgage loan information, visit the mobile home mortgage center at http://mobilehomeshoppers.com/
Tags: forclosed mobile homes, mobile homes, repossessed mobile homes
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