Advice

First thing is you need to know what a 13 year old mobile home is worth. Check and see what other on that park recently sold for to get an ideal what yours is worth. Then figure out the repairs and deduct that, and then make an offer of 50-65% of that price.

I don't know much about short sales I don't do them, but I'm sure someone will come back with that information for you. Good Luck

A couple of other things you need to find out if you can.

1. How much does the lady owe in order to stop the foreclosure?
In other words, how much will it take to bring her loan current?
2. What is the payoff amount on her mortgage? $22,000?? Are you sure?
3. Then what Jim said, what is the trailer actually worth?

The owner will have to decide if she wants to do a short sale. Her lender will send her the info she needs to fill out, I would suggest she/you work with an experienced short sale realtor. Once all the paperwork is done and her lender approves the short sale, you can then make an offer. You can do the whole short sale process for the seller, but I don't think you are ready to tackle that yet.

You may be able to buy it from her outright if she is not upside down. Houses go into foreclosure all the time that are not short sales.

Right now going by your numbers you would be looking at $36,000 plus legal and other foreclosure related fees. Even if they accepted a $12,000 (50%) offer plus your $12,000 repairs you are looking at paying $24,000. It needs to be a nice trailer to make that a deal.

Let us know what happens,
Michael Mangham
MD Home Acquisitions LLC

Thanks to all who responded. Ok this is what's going on. I own the land outright. My exwife owns the trailer. When her and her boyfriend moved out I decided to move in. I was making mortg. pymnts. on the trailer for her. I've been here mailing pymnts. for about five years now and when hurricain IKE came by a few years ago it created leaks between the walls in some areas and behind the fireplace and soaked the carpet. Well after calling the ins. Co. they came out after not wanting to deal with me because I'm not on the policy and did a insurance quote of almost $12,000 worth of damage then came back and said the damage was to old and they were not going to fix it because it was leaking prior to IKE, so I made no more pymnts. Well she said she didn't want it and wasn't going to worry about it so now the mortg. co. has started forclosure. I asked some nearby used mobile home dealers how much would they offer to buy the home and they said they would offer a $1000 for it. So if I offer that what kind of form would I need to make this happen or would the bank know what to do. I would like to handle this like an investor would. Can someone help? Thanks

As an investor, I see no possible deal here. Even if the bank GAVE it to you you would still have a $1000 trailer that needs $12,000 repair. You would be $11,000 in the hole! Why would you do that? As an investor, I never get personally attached to a property. If I owned the land, I would have the bank remove that foreclosed trailer from my property and put something else there or sell the land and move on.
I know this is not what you wanted to hear but, you said you wanted to handle this like an investor.
If you feel you will do this anyway, get permission from your ex to talk to the lender (3rd party) and ask them what needs to be done so that you can buy the trailer before it goes to auction.

Michael Mangham
MD Home Acquisitions LLC

to take the property and do a deed in leui

its better than a foreclosure and all it does is lessen the burden off of you

Have them take the mobile home and try and rent off the property for another