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.
By: Milt Wapner
Do You Want to Start a Mobile Home Remodeling Addition?
by admin
A mobile home remodeling addition is a great way to add more space to your home. Most mobile homes are fairly small and it is difficult to have a growing family in one. If you own the land that your home is on, you might want to consider adding an addition to your home.
You can use a computer program to design your addition or just make up some of your own designs. You can also hire an architect who is trained in creating additions for real estate that is similar to what you want your home to look like.
The Decision Process
Deciding on the interior design of your addition is often the hardest part. You will only have a limited amount of money, but you want to maximize the space that you are adding on to your home. Homes that have a good design will automatically feel more comfortable.
When you start to remodel you will also need to decide on the quality of products that you will be putting into your home. Building products come in a variety of styles and costs, so you will need to do your homework to make the right decision for your needs.
There are many different little decisions that you will have to make throughout the process of your remodel or addition. You may have to pick out cabinets, create a color palette, or even decide where electrical outlets need to go.
The Plan
It is important to have a plan when you begin your remodeling project. You will need to create a budget and repair the budget as needed throughout the building process. Creative home remodeling is often necessary to stay within your ideal budget.
Once you have come up with a reasonable budget, then you will need to start looking into contractors that can complete the work for that budgeted price. You will want to find a contractor that is good and has references from previous clients. Make sure and actually call those past clients and talk to them about their project.
After hiring a contractor you will want to stay as active in the remodeling process as you can. Stay informed of the progress and continually ask for updates. It will be easier to remedy any problems if you know about them well in advance.
Remodeling or adding onto your home is a fun and exciting project, but it can also be a bit overwhelming if you have not planned correctly. Make sure you spend the necessary time planning your project so you do not have more problems later on.
Stick to your budget as close as you can and you will avoid spending more money than you wanted to. The additional space that you add on is a great way to increase your home’s value while adding comfort to your family’s daily life. Now get started on planning your mobile home remodel… It is a long process … that will be full of many ups and downs… but well worth it in the end!
By: Mike Jerry
Mobile Home Foreclosure
by admin
Mobile home foreclosures are not a regular occurrence due to the fact that most mobile home loans are made through private lenders, when a person defaults on the loan, the home will be repossessed as if it were a car. Then the owner has about 30 days depending on the terms of their agreement to bring the payments on the mobile home up to date or it will be sold. However if the person has a conventional mortgage the buyer has a little more protection against this occurring.
If your home was bought through convention lending methods you have some protection because the laws of foreclosure require you to be given notice and to give you ample opportunity to pay the default before removing the home.
A lot of times when you buy a home and use a private lender you can be sued and have to pay for a home you no longer have in your possession. In the last decade the rate of repossession has sky rocketed lowering the resale value of homes significantly. The reason is because the owner has no protection from repossession and usually cant pay the high cost of getting the home returned. Mobile home foreclosure is different because the lender will give you time or make payment arrangements with you. It also requires the lender to get a court order before they can take custody of the home.
You also have some other rights such as the right to cure the problem by repaying your payments or by obtaining another loan to cure the debt. Another law that would protect you is that if your home is reposed the lender cannot take any further action once he has custody of the home; he cannot sue you for the remaining balance. You may also declare their home a homestead, meaning it is your primary residence and it protects against repossession by your creditors.
If you are buying a mobile home, protect your self against mobile home foreclosure by getting a conventional loan. There are many reasons which can lead you towards foreclosure. If you get a loan from a bank or any other financial institute against your mobile home, and you are not able to pay it back as planned, you will be in great trouble. It is important that you pay attention towards this issue before it gets out of hand. Avoiding foreclosure is important. The foreclosures are a dreadful way of losing your property. The property is sold only to get the amount of loan back so most of the times it is sold at a price much lower than the market price. Avoid such foreclosures by thinking about the financial issues in advance.
By: Robert Grazian
