Working the Lenders of Mobile Homes

When you deal in mobile homes the lenders will do several things for you. They will provide the financing you may need to get the homes, give lines of credit to fix the homes and offer repossessions.

To get the banks that will do the financing on mobile homes you can ask park managers or brokers. They usually have contact to useful lenders. You can also find out where the title is kept for the mobile homes and from there find out who is primarily financing mobile homes in your area. You can then contact the lender to get financing and look for repossessions.

The banks repossessions on mobile homes may be dealt with through the loss mitigation but because mobile homes are looked at as an asset such as a car the banks may send the mobile homes to the same division that deals with cars. Find out what your bank does and work with them.

Because we know that banks do not want the mobile homes they will usually take a discount. Also, knowing that there is a feeling of "mobile home depreciates quickly" banks may take a very good price for a repoed property.

Once you know who finances the mobile homes build report with their officers. Let the bank know what you do, how you help and how you can purchase the homes they receive. Keep following up with the bank. Once you have established the report with the bank they may just contact you to take properties.