TN - dblwd trailer and land - title and sale? - Posted by PlaneGirl
Posted by PlaneGirl on August 14, 2003 at 13:04:49:
Brett, TennesseeBob, and others in Tennessee:
Help! In March I bought a Trust Deed on a doublewide on 2 acres in East Tennessee for $2000. (Yes, you read that correctly.) The owner hadn’t paid on the $38,500 note (originated in 1998) for two years, and the mortgage company decided they didn’t want to foreclose because they weren’t sure they owned the trailer. I decided, for that price, I didn’t CARE if I got the trailer, as the land was worth more than that (about $18k, based on vacant land sales around here.) Sure enough, in the Trust Deed, it only says “the property is improved with a 1971 Wheeler mobile home.”
The trailer is a doublewide from about 1985, according to the daughter of the owner, and is in pretty good shape (even has vinyl siding.) And the mortgage company didn’t send me a copy of the title, of course, because they never had it (they acquired this loan from another company in a bulk purchase.)
I foreclosed this loan last week. As I was suspecting, the sole attendee ended up not bidding because he wasn’t convinced that I could convey the trailer.
I gave the old owner 10 days to get out. She opted to ditch her family (yet again) and go hide out at her favorite crack house, according to her daughter. I went over there yesterday to see if they were gone, and her daughter was in the process of throwing out all her mother’s belongings (literally into the driveway) and was eager to see me, because she and her mexican husband would like to rent the place from me. He strikes me as very responsible and motivated, and was very proud of his two nice pickup trucks that he is paying for on time.
I asked if they knew if the old owner still had the title to the trailer somewhere, and the daughter said she highly doubted that her mother still had it. I couldn’t even find the metal plate that should be on the outside of the trailer that will identify the make and model. I know that I will have to have this info in order to sell it.
I am NOT into holding property. I would rather sell this property NOW and move on to the next one. I’m thinking that if the husband (who is in the process of naturalizing) can buy trucks on time, he might be able to get a loan from a trailer-financing company.
I would appreciate your thoughts on this situation. I really don’t know how to get out of this deal quickly.