Turning mh back in to lender... - Posted by DebraSC

Real Estate Investing Real Estate Financing
#1

Posted by Tony-VA on November 16, 2000 at 09:31:45:

Find out who the lender is. Call the lender and let them know that you are interested in making a bid on the home.

If there are no brokers signs in the windows, chances are the lender is doing very little to market the home. The home is acruing back lot rent. Talk with the PM to find out how much/if any is owed in back lot rent. The PM may be able to tell you who to contact in the re-marketing section of the lender.

Bid to buy the home, not take over payments. These lenders may well dump this home, especially if it has set vacant awhile.

Tony-VA

#2

Turning mh back in to lender… - Posted by DebraSC

Posted by DebraSC on November 15, 2000 at 12:24:55:

I checked on an old lead that had a 1995, 3/2, 16 x 80 for sale, assumable with payments of $338/mo in a mhp with lot rent of $135/mo. Now the sellers have moved to an apartment and left the trailer there and say they are letting the mh go back to the lender because they went through a bankruptcy years ago and this mh was part of the bankruptcy, so their credit will not be damaged with this repo. Can I do anything with this home? Sellers said someone came by who was paying more than the $338 and $135 combined for a 2/2 apartment and wanted to assume, but seller never heard from them again. probably their credit would not allow them to assume. Is there any hope for me to get this home creatively?