OK, So I came across a couple that has overstretched themselves. Is it possible to short sale a trailer? Its secured by a bill of sale, the same thing you get when you buy a car. Any help/insight would be great as I have no clue how to help them.
Thanks,
JD
Its possible but I don’t really see why you would want to short sale a mobile home. First, there are lots of mobile homes for sale really cheap. Second, you’ll get a much better discount from the lender after repossession. Third, the trend among larger lenders is that its better to just repossess and resell on a note than resell to an investor who will do exactly that. Fourth, if the lender is a private investor, they most likely won’t be willing to sell short anyway - they’ll just resell on a note.
In sum, I’d pass and look for other mobile home opportunities.