Posted by Tony Colella on October 20, 2006 at 14:14:51:
Did you file a lien somewhere (either on the title or U.C.C. type filing)?
If not, sounds like you have an unsecured loan or at best a poorly secured loan if the original title is still floating out there somewhere.
Reposess question - Posted by Mary CO
Posted by Mary CO on October 20, 2006 at 11:11:48:
Just a theoretical question -
Home bought on contract and sold same way - on a note.
How does reposession go in case of need since you are not the original owner?
Thanks for your input
Re: Reposess question - Posted by Tony Colella
Posted by Tony Colella on October 20, 2006 at 14:18:57:
Did you file a lien somewhere (either on the title or U.C.C. type filing)?
If not, sounds like you have an unsecured loan or at best a poorly secured loan if the original title is still floating out there somewhere.
If your note stipulates the mobile home is collateral, you may be able to go to court and get possession of the mobile home. However without a title you can receive you may not have much. In addition, if this is in a mobile home park not owned by you, then you may have trouble evicting the buyer. We usually worked hand in hand with the park owners for deals like these. If they were delinquent with our payment, they were always behind on lot rent. We got possession of the home from the court and the park got possession of the lot via eviction through the court.
Each area varies on how they handle these type of repossessions.
Tony