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Are you thinking of buying a mobile home? Are you thinking of selling a mobile home? Or are you currently living in a mobile home community? Then check out our Florida Retirement Lifestyle blogs about mobile home and manufactured home living! You won't want to miss it.
A "manufactured home" is a type of housing that's delivered to a destination and, once there, is usually secured to the ground or a foundation. If you default on your manufactured home loan, the lender might be able to take possession of it through repossession or foreclosure.
In 1974, Congress passed the Mobile Home Construction and Safety Standards Act (the Act), which directed the U.S. Department of Housing and Urban Development (HUD) to put forth federal construction standards for mobile homes. Prior to the Act, mobile homes were built with little uniformity regarding construction or safety standards.
All mobile home units constructed after the effective date of the HUD standards (June 16, 1976) must have a HUD label certifying that the home has been inspected and constructed in compliance with the Act. On October 8, 1980, Congress enacted public law 96-399, which officially changed the name of this type of home from "mobile home" to "manufactured home." The term "manufactured home" typically means a unit that is constructed pursuant to the HUD construction and safety standards, whereas a "mobile home" refers to homes built before June 15, 1976, when the federal standards took effect.
Initially, a manufactured home is considered personal property, like an automobile. In most states, parties convey ownership of manufactured homes by a certificate of title, with security interests noted on the title. In states that don't use a certificate of title, a security interest in a manufactured home is perfected (made) through a UCC filing.
If the borrower defaults on loan payments for a manufactured home, the creditor can repossess or foreclose the home. How the creditor does this depends on whether the home is classified as personal or real property.
Replevin. To repossess a manufactured home, creditors often use a judicial process called "replevin." A replevin is similar to a judicial foreclosure in that a creditor files a lawsuit in court and asks the court to grant an order for repossession.
Self-help repossession. With "self-help repossession," the creditor retakes possession without the use of judicial process, like when a repossession agent comes and takes a car away. This process is available in most states, but it's not especially practical for manufactured homes. It would difficult, if not impossible, to take the home without breaching the peace (a requirement for self-help repossession) or taking the borrower's other belongings, like furniture or other personal property located in the home. Moreover, a few states prohibit self-help repossession for manufactured homes. 2ff7e9595c
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