Whether you live in a site-built home or in a mobile home, the possibility of facing foreclosure exists, especially in this economic climate that includes a volatile real estate market, increasing unemployment rates, and increases in fuel, food, and related prices. At the same time, you should remember that if you find yourself in financial difficulty and are having trouble making your mobile home loan payments, there are options available to you; it is generally in your best interest and the best interests of your lender to keep you in your mobile home.
Mobile home foreclosure is becoming more common, as is foreclosure in general, but contrary to what many consumers believe, most banks, credit unions, and other lenders are not a giant hurry to process a site-built or a mobile home foreclosure.
The foreclosure process is costly and time-consuming; most lenders would much rather re-negotiate the terms of the loan or otherwise assist the homeowner than they would have the headache of foreclosing on a property.
Foreclosure laws vary by state; there is no national, unified system of laws regarding mobile home foreclosure or other property foreclosure....
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