If you’re facing the possibility of foreclosure or eviction from a mobile home park in the future, perhaps you are wondering can you get your mobile home in Seguin back after foreclosure. After all, you need a place to live… everyone does!
Unfortunately, after the court rules in the favor of your the bank or your lender and agrees with the lender to proceed with foreclosure, it is very hard for you to get your mobile home back. I have actually never seen that happen. But who knows maybe it is possible 🤷♂️
Instead of wondering can you get your mobile home in Seguin back after foreclosure, here’s another option…
The good news is, if you’re not in foreclosure yet, you have options.
The first and best option is to pay off your mortgage or work out a payment plan with your lender. They’ll prefer to keep you in your manufactured/mobile home and instead just collect the money owed to them. Some banks and lenders are willing to work with you if you call them and explain your situation if they feel you are being honest and making a good faith effort to make things right, they may work with you.
If that’s not an option for you at this time then you may decide to do what a lot of mobile home owners facing foreclosure are choosing to do: Sell your mobile home before the home is foreclosed upon and pay the lender what is owed to them. We have helped people do this many times. The thing you really have yo watch out for is the amount you owe vs what the mobile home is currently worth. Unfortunately mobile and manufactured homes are a depreciating asset, meaning they lose value over time. Sometimes we come across people wanting to sell their mobile home and pay off their mortgage with the proceeds. But, if the home was not taken care of very well, maintenance was not done, things were not fixed when they needed it, then a lot of times the home is worth less than the amount owed on the mortgage. So, to protect yourself and help your mobile retain as much of its value as possible, take great care of it! Keep it clean, fix things when they break, watch out for any water leaks and fix them when you find them. Water is the ultimate enemy of every mobile home!
While selling your mobile home to pay off the mortgage holder may not be an ideal option (because you’ll have to give up your mobile home), it’s still a preferable option to foreclosure because you’ll have cleared up your debt to the bank and you won’t have the long-term impact to your credit score that a foreclosure would have. Having an eviction or forclosure can also make it very difficult to rent another place afterwards.
This option is proactive and long-term, which is why mobile homeowners facing foreclosure love it: it’s proactive because you’re taking control of your financial situation; it’s long-term because you’re accepting the short-term discomfort of selling your mobile home in exchange for the long-term benefit of a better credit rating. Which can help you rent or buy another place after this mobile home is sold.
Here’s a secret to selling your Seguin area mobile home fast so the bank can’t take it
You could work at trying to find a buyer to take your mobile home. Depending on the price and condition of the home this could take a few months. However, a faster and easier option is to find an investment firm that buys mobile homes as-is for cash, fast. Instead of spending all of your time and energy trying to locate a buyer, there are some companies that can do this for you. Companies like Journey Mobile Homes will buy the mobile home from you at a reduced price, and very quickly.