I am new to this. Any information would be beneficial. Is it possible to find REO’s on mobile homes. And where?
Mobile homes can be REOs, just like any other property. If a mortgage was taken out on a mobile home, it can be foreclosed on.
In most states mobile homes are treated as consumer finance similar to automobiles and are thus repossessed. However, if there is underlying real estate associated with the mobile home then a mortgage and foreclosure process would be in order.
Now how do I find information on repossesed and foreclosed mobile homes?
Thank you.
There are very few lenders who will loan on mobile homes, so you don’t have many places to check. The only 2 I knew about have gone out of business, but if you ask at a new MH dealership, they might be able to tell you who is doing the loans now.
A new manufactured home on a foundation with it’s own land will be financed by a few regualr banks. So you might have to call loan departments. I know 2 in my area, but they are both local banks. If they get foreclosed on, they are in the same pipeline as a regualr house.
An older mobile home without land is worth diddly squat. If it had a mortgage on it, it is sure to be upside down. Find the mibile and simply ask who has the financing on it.
If you want older mobiles, forget abut foreclosures. You can find them in the penny savor for a couple thousand, and in my area, if they are older, people pay to have them hauled off, because they can’t sell them.
Whats the best way to buy cheap mobile homes, sell them and finance them?