What happens when a mobile home park evicts you in Hemet?
If you’re thinking that question about yourself… great question!
In this article we’ll dive into that question so you as a Hemet CA home owner can tell what your options are during foreclosure/eviction or just if you are unable to pay your mobile home lot rent or monthly bills.
What is an eviction/foreclosure and what options do you have?
An eviction from a mobile home park can mean that you are going to go through foreclosure (here’s a great definition of what a foreclosure is in case you’re not sure) on your mobile home. Essentially, if you do not pay the lot rent, the mobile home park has a right to take over your mobile home legally.
Park evictions resulting in foreclosures were really common in the market a couple years back when the flood of foreclosures hit the Hemet market… but as foreclosures have slowed down and mobile home values have climbed back up a bit, more people are able to afford their monthly payments to their park manager.
Here are a few reasons you may want to avoid foreclosure on your Hemet mobile home
You Can NOT Avoid Foreclosure And The Harmful Effects Of It
Avoid a foreclosure on your mobile home by selling your trailer prior to being evicted by the park. The last thing you want to do is wait too long. Often, a lot of people like to “pretend” that they are not going to be evicted. The problem is, by the time they realize that they are going to be evicted no matter what, it is too late to sell their mobile home. Once the park issues a 60 day notice, you have 60 days to sell your mobile home for cash and fast. Once that period is over, the mobile home park will legally on your mobile home and have a local sheriff come to lock you out. Don’t wait too long!
Foreclosure can lead to all kinds of financial problems, starting with the inability to obtain a new loan for a home because a foreclosure stays on your credit record usually for up to 7 years.
Even renting will become more difficult as your credit score would be affected, and you often have to disclose a foreclosure on a rental application. Foreclosures can also last a long time (up to 7 years as mentioned above), making you wait years to even qualify for a new mortgage.
With a foreclosure, you face all kinds of ramifications with your credit. Buying a car and renting a house may be impossible through the normal bank loan routes.
If you work with money at your job you could even face termination if your employer puts a lot of stock in that kind of thing (most employers won’t but it has been done before).
Sell your mobile home fast for cash before you get to this point! Letting both the park and the mobile home owner move on. Trust me, the mobile home park you live in does not want to go through the process of evicting you. It is costly and they will spend a lot of money in legal fees. BUT, that doesn’t mean they won’t do it when it’s time.
Buying a New Mobile Home
A foreclosure can last for a long time, making it impossible to purchase a mortgage again for up to 7 years.
If you sell your mobile home prior to being evicted, it will not ruin your credit score for the future. It also makes a mortgage lender more likely to approve your loan than if you had a full foreclosure, getting you back into a home faster.
Again, this all depends on the actual bank / lender you’re working with… but the majority won’t be able to see anything bad on your record and will be willing to give you a loan.
Usually No Fees Involved
Another benefit of selling your mobile home for cash is there are usually no fees associated with the process from the buyer. When you work with a professional company like us, we pay all the closing fees and you get to walk away free!
With a foreclosure, your mortgage lender may tack on extra fees that only make the damage worse.
Some real estate consultants may charge a fee for helping facilitate the foreclosure with your bank… so check with them before you enlist a real estate agent or firm in helping you with this.
Our company, Mobile Home Dreamin may be able to guide you in the right direction on how to give yourself the best shot at selling your mobile home fast in Hemet … so connect with us by calling (951) 783-2611 or shoot an email to us through our contact page here.
Getting a Cash Offer – What We Provide
We won’t charge a thing to discuss your situation with you and let you know your options.
And we can even give you guidance and pointers at absolutely no cost or obligation.
Sometimes we’re actually able to do the work for you or even buy the mobile home from you to get you out from under that mortgage… so that may be a viable option for you.
We buy Hemet mobile homes and trailers and we work with mobile home sellers like yourself who are having troubles getting out of your manufactured home the traditional way… or who can’t (or don’t want to) go the usual route of listing with an agent.
Get a hold of us anytime to discuss your situation. We’re here for you!
Or, if you want to see what we can offer on your mobile home… click the link below and fill out the form on the next page. We’ll make a no-obligation cash offer to you within 24 hours. At least that way you know whether that is an option for you or not.