Through repossession or foreclosure if you default on your manufactured home loan, the lender may be able to retake possession of it.
A manufactured home is a variety of housing that is sent to a location and, as soon as here, is normally secured to the ground or even a foundation. Keep reading for more information about the character of manufactured housing and what goes on if you stop making loan repayments on the manufactured home or from the land it sits upon.
Knowing the Difference: Mobile Phone Residence, Manufactured Home, Modular Residence
Cellphone home, manufactured home, and modular home are terms which are frequently employed interchangeably; nevertheless, you can find distinctions.
Cellphone Homes and Manufactured Homes
In 1974, Congress passed the Cellphone Home Construction and protection guidelines Act (the Act), which directed the U.S. Department of Housing and Urban Development (HUD) to place forth federal construction requirements for mobile domiciles. Ahead of the Act, mobile houses had been designed with small uniformity regarding construction or security criteria.
All mobile house devices built after the effective date regarding the HUD criteria (June 16, 1976) will need to have a HUD label certifying that your home is examined and constructed in conformity using the Act. Continue reading “We Let You Know About Manufactured Home Foreclosures & Repossessions”