“The owner owes about 25K on the MH and it’s not worth 25K (It wasn’t appraised, but she bought it for a little more than that 10 years ago)”.
You answered your own question. A $25k lien on a home that isn’t worth $25k, is no deal. She’s still upside down after 10y of payments and 2m behind to boot. The reality of it is starting to kick in for her. Weather that will translate to an opportunity remains to be seen.
If you can’t get clear title for ~$5k or so, walk away. It’s her problem, don’t make it yours.
An out of town owner has a MH that was being rented to a tenant in a park that doesn’t allow renters. Although, from my understanding, there are other renters in the park. The tenant let trash pile up and voilated the rules of the park thus she brought attention to the fact that she was renting. The tenant has recently moved out. The owner owes about 25K on the MH and it’s not worth 25K (It wasn’t appraised, but she bought it for a little more than that 10 years ago).
My questions are
What are her options
As an investor, is there any investment opportunities here.
Question 1 is 100-fold more times important than the second question. The owner is a nice lady that is on fixed income and can’t afford to pay for a vacant mobile home. She is already 2 months behind.
Find a cheap country lot and put the home on it and rent it, or find a park that allows rentals. Or she could move into it; at least then she could get some use out of it. She could always give it back to the financer and take the bad credit. There is not much else to do.
It just doesn’t sound good, either way you turn it.
She could always give it back to the financer and take the bad credit. There is not much else to do.