Can I charge a lender rental fees for repossessed property that has been left on my land?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 13 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).
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.