Foreclosures are an ever increasing epidemic in the US today. Mobile homes are often categorized with lower income families and will often times be abandoned much more frequently than regular homes. The paperwork and procedure for a lending or mortgage company on a mobile home foreclosure is very much the same as any other type of home foreclosure.
Banks and lending institutions are often much more willing to negotiate a reasonable settlement on mobile home foreclosure. Many mobile homes are situated in parks on rented spaces rather than land that is owned by the home owner. With this being the case it is a much more difficult situation for the lender to be able to sell the home.
The fact that a mobile home does not have as much value in it, if it's on a rented lot; gives you much more bargaining power to negotiate some sort of settlement. You can often time have your house payment lowered by as much as two hundred to three hundred dollars per month.
If you own the land on which the mobile home sets you may be in a little bit different situation in trying to stop your foreclosure. If this is the situation in trying to save your mobile home may be the best option. You want to make a fair assessment of the value of the land and the home to determine whether or not the equity is worth saving.
There is no such thing is a good foreclosure or however, a mobile home foreclosure is probably a better scenario than any other type you may face. Hopefully your payments are not too high to where you can make a few extra dollars to hopefully offset the difference.
If you need more foreclosure help then quickly head over to http://foreclosure-help-now.com where you will find helpful foreclosure tips, advice and resources including information on foreclosure plans, negotiating and more Mobile Home Foreclosure
Source: www.articlecity.com
