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What happens if your mobile home is voluntarily repossessed and it is in a mobile home park?

April 26, 2017happens Mobile home park repossessed voluntarily

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What happens if your mobile home is voluntarily repossessed and it is in a mobile home park?

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The bank or current lien holder will take possession of the mobile home after the required steps of repossession takes place. The bank or current lein holder of the mobile home is responsible for paying the lot rent unless the mobile home is sold to a secondary party such as an investor. At this point, the lot rent follows the ownership of the mobile home. In most cases, the larger banks who specialize in mobile home financing will pay atleast a portion of the lot rent. It is very important to contact the park owner to verify the amount of park rent that is due. This is very negotiable especially if the new owner of the mobile home plans on leaving the mobile home in the park. Note: The park owner is a great prospect to sell this mobile home to.