“I’m behind in payments…will I be giving my mobile home back to the park in Orlando?”
Nobody wants to lose their home. But sometimes financial circumstances turn against you and those financial commitments become simply too much to manage.
If your situation progresses too far, you may be forced into the unfortunate situation of having to give your mobile home back to the park in Orlando FL, leaving you temporarily without a place to stay. In addition, there may be long-term consequences, including a dramatic and long-lasting impact to your credit (and your ability to live in a mobile home park in the future).
No one wants that. That’s not an ideal outcome. Fortunately, there is a strategy you can take today to help you proactively protect yourself and get back on track to financial solvency.
Here’s a brief overview of the eviction process
The eviction process can vary depending on location and the type of violations you have.
Usually, if you miss a few lot payments, the park will start sending you notifications and then warnings. Over time, if you fail to pay back the lot payments you missed, the park may start the eviction process with the county.
How long you can stay in your mobile home after you’ve been served depends on the state where you live. At some point, however, you will need to find a new place to stay.
Fortunately, you have options!
If you wait until you’re evicted, it can have a devastating effect on your credit rating. One option to protect yourself is to work out an arrangement with the park.
This is when you hand over ownership of the mobile home to the park so that they save the money they would spend on the eviction proceedings, which can be significant. And you get to avoid having an eviction listed on your credit rating.
You can also avoid eviction by selling your mobile home before it’s lost to the park. If your back lot rent is paid in full then there will be no more penalties against you and your credit rating. (If your back lot rent isn’t paid in full you will need to make up the shortfall).
Here’s an example: Let’s say you owed $10,000 on your back lot rent you sold your home to us for $9,000. You would give that money to the park, along with $1,000 to make up the short-fall, and your back lot rent would be paid off. (If you contact an attorney, you may be able to negotiate a deed in lieu of foreclosure deal in which the park agrees not to go after the difference in exchange for the title to the mobile home.
At Better Living Mobile Homes, we’re professional mobile home investors. Contact us today at 407-796-9036 to find out what we can offer you for your mobile home — even if it needs repairs.
I want to avoid giving my mobile home back to the park in Orlando!
Why do people choose to sell their mobile home instead of going through the eviction process? (After all, they still don’t live in their home anymore.)
Well, losing a mobile home can be difficult but the impact on your financial situation and your credit is considerably less than if you simply wait out the eviction process. In fact, going through eviction could impact your credit score by as much as 100 to 150 points. So the short-term challenge of selling your mobile home is still a better choice than the long-term pain of giving your house back to the park.