Unlike real estate mortgages, mobile homes do not have the normal foreclosure protection and can be repossessed the same way as a vehicle with little or no prior notice, with a result there are many more mobile foreclosure listings and properties. This makes it difficult for mobile home owners to avoid being foreclosed if they fall back on mortgage or loan payments. Often people who go in for mobile homes take the loan direct from the manufacturers and not from any banks. What gets mobile home owners into a financial problem is the fact that they do not realize that there are some payments which they have to make and have overlooked like taxes, utility payments and many more such incidentals. This makes them fall back on their loan repayments and their mobile homes get repossessed by the banks and other funding organizations which have loaned them the money to buy the mobile home.
High quality mobile homes
Because of owners falling back on their loan repayments there are a lot of mobile homes which are of high quality available at property auctions. Unlike in earlier times when mobile homes did not have the luxury which today's homes have, now there are fireplaces, hot tubs, fancy ceilings and much more to add to the beauty of the interiors. The size of the mobile homes is also much larger than the earlier ones and these could almost be claimed as luxury homes. Mobile homes depreciate in value unlike a home which is traditionally built up and this makes them even cheaper to buy at foreclosure auctions. Buying those which are available at trailer parks are good bargain buys and you can get a really fancy mobile home at a cheap rate here.
Locating mobile homes in trailer parks
Getting in touch with the management of trailer parks will give you information on mobile homes which are undergoing foreclosures shortly. Most park managements are aware of all that is going on with the trailer homes in their parks and could help you to get a good deal with such government foreclosures and real estate deals. Another source from which you can get information on foreclosures of mobile homes is HUD, this is because those who are investing in a mobile home for the first time get FHA loans and these properties are sold as foreclosure claims when the loans are not repaid and the money has to be recovered. The information on HUD homes is given on the internet. Other financiers of mobile homes like Fannie Mae and Veterans Administration can also let you know about homes which are going through foreclosure claims.
Inspect mobile homes
Just like in traditional homes you would have to check out the structure and other aspects of a mobile home to see what the condition of the home is. If it has been used badly and not cared for you could land up with a white elephant. Make sure that you are getting a mobile home which is livable before you close a deal and make the full payment for it.