Tenants abandoned, left desperate - Posted by Steve,Tx

Posted by GL on February 17, 2000 at 08:17:58:

Notify the mortgage company immediately. They will likely start paying lot rent immediately if they are aware of the situation. Offer to work with them to find a new buyer,or whatever they need to resolve the situation.

You should also talk to your lawyer to find out what the law is in your area in situations like this. There should be some way you can put a lein on a MH to secure your interests.

Tenants abandoned, left desperate - Posted by Steve,Tx

Posted by Steve,Tx on February 16, 2000 at 23:06:43:

Desperately need advice. Here is the situation. We recently took over management of a family mobile home park and had some tenants move a new 16x80 onto one of our lots in November. Earlier this week, they moved under the cover of darkness, abandoning their new trailer. The park recently went under an expansion and needs to collect all lot payments to survive. Our question is, how many payments behind do the tenants need to be before the mortgage company repossess the trailer? It is our understanding that once the trailer is repossessed, the mortgage company must pay the lot payments as long as it sits on the lot, but this could take months, how do we get lot payments while the trailer is on the lot before it is repossessed? Unfortunately, being a new trailer, neither we nor the park is capable of assuming payments. Any advice would be very appreciated!

Re: Tenants abandoned, left desperate - Posted by Bill K. - FL

Posted by Bill K. - FL on February 17, 2000 at 10:15:59:

With problems comes opportunity. Why do you say you can’t assume the payments? Did the lender tell you that? Could you not find a buyer who you could lease/option the home to that could make the payments and pay you lot rent? You are in the cat bird seat. The lender could take a beating on this depending on their LTV. I’m sure they would be willing to listen to your offer so they wouldn’t have to try to find a new buyer or move the home.