Foreclosures Coming For Mobile Homes?
With June 30th around the corner many people have become concerned about foreclosure? While 2021 may be off to a better start for some, there are still a lot of people who fell behind that have not been able to catch up. Those who are in forbearance due to loss of income caused by the pandemic will see their Fannie Mae or Freddie Mac program end. For so many in other states some protections have already ended. Those without solutions to financial woes, should look to make an immediate response to help prevent the loss of your mobile home. Knowing your options can help you decide on what will be best for you and your family, while also helping you avoid losing property or dealing with foreclosure/eviction. Working with an investor or people who buy mobile homes cash can be great because you can rely on someone who can get qualified for the park, you won’t have to worry about financing, and you can have a guaranteed closing date that works for you. Don’t take a chance in having a sale you need fall through. Without doing what it takes to ward off the proceedings, here is what the end of the foreclosure moratorium may mean for mobile homeowners in Riverside.
Mobile Home Foreclosure in Los Angeles
As difficult as going through foreclosure may be, now is the time to take action if you don’t want to risk falling further behind. Mobile homeowners will receive notifices from their lenders, if they haven’t already. There is usually some sort of grace period but usually this only extends out to 60 days for mobile homeowners. The cost of inaction can be expensive, too. According to the Joint Economic Committee of Congress, the average foreclosure has a cost of nearly $80,000 in total, including the lender’s loss and around $7,200 to the mobile homeowner. If you include the cost of the lawyer and the fees for legal assistance in foreclosure proceedings, that could be as simple as a flat fee but could range between $1,500 up to $4,000, with the average being about $2,500. That does not include the additional charges for itemized expenses such as court costs, postage or even travel. Unfortunately, the end of the moratorium along with foreclosure could leave you worse off than you may already be, if COVID-19 impacted your finances.
The Potential for Huge Financial Loss
For many people mobile homes are a step in bringing families closer to the American dream. So many buy a mobile home and put sweat equity in to make their mobile home feel comfortable. Without a substantial change in circumstances such as returning to work or gaining new employment the end of the foreclosure moratorium may mean loss of the home as protections expire. Depending on what you paid for the mobile home you may also still owe any difference in the amount the property sold for against your remaining debt on the mortgage to your lender, known as a deficiency, after the foreclosure. Even worse, a foreclosure will impact your credit report for 7 years which translates to higher interest rates and may hurt your chances for jobs if they check your credit.
As the moratorium comes to an end this could mean executions for mobile homeowners in Los Angeles. If you haven’t found a solution you will likely receive a detainer or some notice that will let you know that repossession will take place and that you must vacate the premises. This means you will have 3 to 30 days to find a new place to live AFTER a likely nightmare you’ve faced because of COVID.
The truth is, you will likely need more money than you have and more time than you can afford. If you need to sell your mobile home fast in California or need someone who can buy mobile homes cash, you will need someone who is experienced in closing quickly. Even if you can get an extension there is no guarantee that your mobile home will sale in the time you had hope for. Also, consider how expensive it could be to pay a real estate agent when you do not have the money to do so.
If you are having financial hardship caused by COVID or you’re looking to sell your mobile home, please reach out to us. We buy mobile homes in Los Angeles and throughout California. If you are looking to sell a mobile in California we are happy to help. Give us a call at (323)432-0951 or send us a message. We provide free services that can help you get your home sold and if you have to get out quick we also buy mobile homes cash!!