Manufactured Home, 2 months late, reposession right of lender?

CVinje

LoanSafe Member
Sep 24, 2011
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My parents are currently residing in a retirement community and purchased a manufactured home approximately 2 years ago. Due to medical issues, they've been unable to remain current on the loan payment (it is a Chattel Loan) as well as the lot rent (loan = 2 months late, lot rent = 1 month late). They just moved their possessions out of the house in preparation for selling the home in an attempt to break even (they're selling it for $10,000 less than the current models available and would break even at that sale price). The lender claims that they've abandoned the property and will repossess the home and sell it themselves. My father is going to remain in the home most of the day in an attempt to sell the home ASAP. What timeline limits must the lender follow before taking action? My parents have not yet received any letters other than late notices and phone conversations threatening to send an inspector and take possession of the home. Any help ASAP would be greatly appreciated.

Chad
 

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The lender claims that they've abandoned the property and will repossess the home and sell it themselves. My father is going to remain in the home most of the day in an attempt to sell the home ASAP. What timeline limits must the lender follow before taking action? My parents have not yet received any letters other than late notices and phone conversations threatening to send an inspector and take possession of the home. Any help ASAP would be greatly appreciated.
Welcome and thanks for joining the forum Chad.

First off, what state are your parent's located in? Make sure your parents are in contact with their lender regularly and they are aware that the home is not vacant and currently on the market.
 

CVinje

LoanSafe Member
Sep 24, 2011
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Thank you for the welcome and my apologies for missing out on this critical information (the location). My parents are in El Mirage, Arizona. They have been in conctact with the lender, but they're refusing to work with them; demanding that they pay all late payments and fees immediately to get more time to attempt the sale. I've done some research myself and discovered that there is not much to assist them with their type of loan (as compared to a regular home mortgage). They have not received any letters as of yet, but the lender says they are in the mail.

Thanks for your help thus far.