Help !! Upsidedown MH in S.C. - Posted by Chuck-NY

Real Estate Investing Mobile Homes & Mobile Home Parks
1

Posted by David G (OR) on September 22, 2001 at 13:48:01:

I’m kind of in the same situation with a '96 MH
and paying $420/mo lot rent. So can you give me
any pointers on Lease/Options or direct me to any
good courses?

2

Help !! Upsidedown MH in S.C. - Posted by Chuck-NY

Posted by Chuck-NY on September 09, 2001 at 20:08:40:

I have some friends who bought a MH in S.C.
and have now moved back to central NY.

Would like your ideas on how they can sell this
MH. The MH is as follows:

2000 Schult-Omni 14 x 70 3/2 on rented lot.
They owe $37,000 on the MH. The home is located
at Heritage Estates MHP 15 miles north of Greenville, S.C.
It is located at 19 Cooley Rd. Travelers Rest, S.C.

Any creative ideas would be greatly appreciated.

Would moving it from S.C. be cost prohibitive?
Any idea on the cost of a move like that?

They said the way the loan is set up that if someone
assumed the loan that they would still be liable
for the loan if the new buyer defaults.

Perhaps a Net Lease & Option??

Is there anyway to negotiate with the bank or loan
company??

How about selling to someone with land nearby?

I feel sorry for them because they fell into the
trap that so many MH buyers fall into.

Any ideas would be greatly appreciated !!!

3

Re: Help !! Upsidedown MH in S.C. - Posted by BWhite TN

Posted by BWhite TN on September 09, 2001 at 22:11:23:

Hey Chuck,
Only tthree choices here as I see it.

  1. Sell to someone that can get a new loan to get your friends off the hook.

  2. Sell on Contract for Title, friend on hook but easier to evict on default than reposess with tranferred title.

3.As you say, Net Lease with Option— Maybe harder to get PM to understand it is really a sale. PM may flat say no thinking it is only a disguised rental. I’ve seen it happen. Asyou probably know a confused mind says NO.

Moving that distance is really out of the question.Costs could easily break the $3500 mark. This then puts them even more upside down.

JUst my thoughts.

4

Re: Help !! Upsidedown MH in S.C. - Posted by terryr

Posted by terryr on September 09, 2001 at 20:18:56:

insure it and get someone to burn it for them - they are out of luck on this deal - we have 2-3 people a week call us with deals like this