Mobile Home in Park - Posted by M.M.
Posted by M.M. on August 13, 2003 at 02:36:43:
I’m the Note Holder for a Double Wide Mobile Home located in Mobile Home Park in California. The contract began in November of 2002 with a Purchase price of $14,500.00, and a $1600.00 down payment. The balance of $12,900.00 is being carried for 35 months at 7.50% interest with a balloon payment of just under $6300.00 due 11-01-05.
The buyer has been making the monthly payments on schedule for the past 9 months, so there is some degree of seasoning to the Note. My question is: how marketable the Note is when the home is located in a Park where the lot is rented rather than owned? I noticed a number of sources that will consider purchasing Mobile Home Notes if land is included, but wondered where to look for others that deal with notes on homes on a rented lot?
Any help is appreciated,