If a bank forecloses on a mobile home, will the bank take off the property?
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If a bank forecloses on a mobile home, will the bank take off the property?
I inherited a mobile home and property. The is a mortgage on the home (in the deceased’s name) but no liens on the property. I do not want to pay any longer on the mortgage. Will the bank come take the mobile home off the property after foreclosure?
Asked on September 21, 2011 under Real Estate Law, Florida
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the bank forecloses on the mobile home, in all likelihood it will come and remove it from the lot that it is upon. If it does not do so in a reasonable amount of time after the foreclosure, you as the owner of the land can charge the bank rental for the mobile home.
Given the costs to remove the mobile home and the likelihood that it is not worth very much, you might be able to purchase the unit from the bank for very little money and let it remain on the property after the foreclosure process.
If that happens, you can then rent it out assuming it is in a rentable condition or could be placed in a rentable condition for little out of cost money.
Good luck.
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