Can I charge a lender rental fees for repossessed property that has been left on my land?

My mobile is under repossession. The lender put a lock box and for sale sign in the home on almost 2 weeks ago. The mobile is sitting on my land. Can I charge them rental fees for having it still sitting on my land?

Asked on March 23, 2011 under Real Estate Law, North Carolina

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Unfortunately, while the mobile home is sitting on your land, it appears the lender doesn't have a security interest in the land, only the mobile home, judging by what you wrote. If the lender put a lock box on the mobile home, it can take as long as it locks, subject to certain statutory restrictions to take the property away.  However, check your loan. If there is no contractual provision allowing you to charge rent or reasonable fees to maintain the property or to have the property remain on your land after a repossession, then you cannot charge for it after the fact. In plain terms, the lender did not agree to have you charge it rental costs, so you would be precluded from doing so. Check your state's laws on abandoned property (how long before that property is considered abandoned and what is required to give notice to the property owner before you can legally consider the property abandoned).


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