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What is a “BANK REPO” manufactured / mobile home?

April 26, 2017bank repo manufactured Mobile home

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What is a “BANK REPO” manufactured / mobile home?

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[A bank “REPO” (repossessed) manufactured / mobile home is a home that the registered owner (the buyer/borrower) could not full-fill the mortgage payment so that the legal owner (the bank/lender) has to repossess the home. The process is very similar to foreclosing a real estate property; Manufactured homes are personal properties therefore the term “repossessed” is used instead of “foreclosed”.

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[A bank “REPO” (repossessed) manufactured / mobile home is a home that the registered owner (the buyer/borrower) could not full-fill the mortgage payment so that the legal owner (the bank/lender) has to repossess the home.