How To Stop Foreclosure Or Repossession Of Manufactured Homes

by Amara Amy Digital Marketer

Life happens, and we can get behind on our home mortgages. Missing a payment or two isn’t great, but it’s not significantly devastating. But if house payments get skipped long enough, you may be in danger of having your mobile home foreclosed or repossessed.

Mobile homes may be foreclosed or repossessed, but not both, it depends on whether your home classifies as personal property or real estate.

Is your mobile in a mobile home park or another location where you don’t own the land beneath it and it’s not secured to the land? Then it lists as personal property and can be repossessed just like a vehicle. If your mobile home is on land you own and is bound to the land, it can be foreclosed on just like another real estate.

Repossession and Foreclosure of Manufactured Homes

Repossession

From multiple points of view, repossessing a manufactured home resembles repossessing a car. Obviously, each state is different, and you should explore the repossession guidelines in your state. Since manufactured houses are more hard to move than a vehicle or truck, most banks will sell a repossessed trailer in its present area.

Repossession is a lot simpler than foreclosure and can happen rapidly. In certain states, when a credit is defaulted on, the repossession can take place in as little as two months.

Foreclosure

Foreclosure is a method that enables the lender to take possession of your property and sell it.  There are two types of foreclosure: a judicial and non-judicial foreclosure. 

Judicial foreclosure

A lawyer for the lender will file a lawsuit. You will get around 30 days, depending on the state, to file a response. If you do not file a response within the set date, or the court decides on the lender’s behalf, the court will grant foreclosure and arrange a sale date.

Non-judicial foreclosure

Depending on what state you live in, a lawyer for the lender will mail you a notice of default detailing how much time you have to get caught up on your payments. Or they may mail you a notice of sale that describes when your home will be sold.

How to Stop a Repossession

You can prevent repossession of your mobile home by filing for liquidation. Your home will then fall under the security of an automatic stay, meaning all repossession activity is prohibited. The court will then determine how much you owe on your house by looking at its value, how much you owe on your loan, and how long you’ve been paying your loan. They will then come up with a decreased payment plan that will help you get caught up on your payments.

Keep in mind that filing for liquidation is a decision that should be given a lot of attention.

Consider if the long-term ramifications of filing for bankruptcy deserve it.

How to Stop a Foreclosure

The only way to stop foreclosure is to come up with the money. Depending on the state you live in, there may be a recovery period for a foreclosed homeowner. After the foreclosure sale, the homeowner can pay the buyer for the full amount paid at the sale, or repay the lender the full amount of their debt. Again, not every state has this option, so review your state’s regulations.

Tip: Before you get to the point of worrying a foreclosure or repossession, talk with your lending company. Let them remember what’s going on and why you won’t make your mortgages. Many lenders are ready to work with you. It helps to be forthcoming and transparent with your company before you start missing payments.

Stop The Foreclosure Process With America Buys Houses

Once you’ve been informed that you’re behind on payments and repossession or foreclosure is possible, contact America Buys Houses.

We will purchase your mobile home before a repossession or foreclosure destroys your credit and limits you from purchasing another home for 3 to 5 years. They will pay off the mortgage, interest, and any fees. In some cases, you may even walk away with more money than before, giving you a chance to get back on your feet.

Don’t worry, you have options.  We buy Mobile house in Dallas, Austin, and Forth Worth. Contact us today at (972) 523-0065 for more information

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Created on Aug 27th 2020 08:14. Viewed 262 times.

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