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How do you bid on a repossessed mobile home?

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Wiki User
2012-10-29 20:14:38
2012-10-29 20:14:38

There are different ways of doing that. You have to contact the seller and find out how.

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You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.

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You can in some US states. You have to look up the state you are in.

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That would depend on which province or state that you live in. -You haven't said.

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I very much doubt it. -Usually they would be considered an integral part of the home.

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Yes. The home was repossessed because you failed to make payments you contracted to make. Even though you no longer possess the home, the contract is still in force and must be satisfied unless the lender forgives it,

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One could search for repossessed cars for sale online at the websites provided by the companies Repo Direct, Auto Bid Master, Repos 4 Sale, Cars for Sale, Bank Repossessed cars and Repossessed Cars Sale.

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You cannot borrow money if you have poor credit. Try to see if the seller will take payments.

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Several years ago, I did just that to buy the home I now live in. I live near a city that has several mobile home dealerships, and it was just a matter of visiting and talking to several different dealerships, letting them know I was looking for a trade-in or repo. Understand that most of the homes you will be shown will be in terrible condition. Persevere and you will find the home(s) you are looking for. I did. When mobile homes are repossessed, the lender takes back possession of the home. Therefore, your local banks will have listings of mobile homes they have repossessed and are looking to sell quickly.

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Autobidmaster.com is a site where you can bid on those cars that have been repossessed. It offers a wide range of of models and locations of where the vehicles are being listed.

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The bank or current lien holder will take possession of the mobile home after the required steps of repossession takes place. The bank or current lien holder of the mobile home is responsible for paying the lot rent unless the mobile home is sold to a secondary party such as an investor. At this point, the lot rent follows the ownership of the mobile home. In most cases, the larger banks who specialize in mobile home financing will pay atleast a portion of the lot rent. It is very important to contact the park owner to verify the amount of park rent that is due. This is very negotiable especially if the new owner of the mobile home plans on leaving the mobile home in the park. Note: The park owner is a great prospect to sell this mobile home to.

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"Voluntary repossession" basically means you're telling the lienholder "Come repossess this; I'll make it easy for you." Since the lienholder has no interest in the property, that means they'll come take the mobile home itself (or you could take it to them), but the property itself won't be impacted except to the extent necessary to drive in a couple of tractors to haul away the mobile home.

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It will most likely go to a wholesale auction where only licensed dealers are allowed to bid.

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Repossessed cars are generally sold at auctions, so look out for car auctions in the local press. Make sure that you ask for a catalogue before the auction and do some research before you go to bid.

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No. AT&T attempted a purchase of T-Mobile in 2011 but removed their bid in December 2011 after regulators blocked their attempts.

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You will most likely need to go to an auction to purchase any kind of equipment that has been repossessed in a foreclosure. There aren't really any direct sales without having to bid.

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You may still end up owing a lot of money on it ,and you won't have it ! State laws vary on this - better to negotiate a settlement of some kind.

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what is a mobile home grant?

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Unless you've picked a personal name for it, a Mobile home is just a Mobile home .

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If you own the mobile home, then you have the right to remove it from the mobile home park, unless you are in a lease agreement between you and the mobile home park.

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A mobile home deck plan is a separate foundation not attached to the mobile home itself. It is used to support the mobile home. The benefit of having a mobile home deck is to be able to move your mobile home from one place to another without having to rip out the foundation.

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A mobile home can't tow ANYTHING ! A true mobile home has no motive power.

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there are several reliable insurance companies for mobile home owners. Visit www.foremost.com/products/mobile-home/ or www.allstate.com/home-insurance/manufactured-home-insurance.as... for mobile home insurance providers.

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The home was repossessed in 2005, the FMV and principal balance were both 133,252. The adjusted basis in the property was 114,000. It was a main home for 7 years. Is there a capital gain to be reported on schedule D?


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