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Can you buy a mobile home with cash after foreclosure?

Port Richey, FL |

We are losing our home to foreclosure. We want to buy a mobile home in a 55+ park. Are you able to buy (with cash) a mobile home (or another home) if you just had a foreclosure and bad credit on your record? We will not be financing, but buying it outright. We intend to ask the park manager as well when we are ready to buy, but was just curious as to other answers on here if anyone knows. Thank you

Attorney Answers 4

Posted

I would think so. A foreclosure affects your credit, but your credit is not an issue when buying something with cash. But your credit could become an issue if you the park requires some sort of monthly payment.

My answer to your question does not create an attorney-client relationship.

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Posted

Yes.

Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-client relationship is created or is intended to be created hereby. You should contact a local attorney to discuss and to obtain legal advice.

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8 comments

Asker

Posted

Also, to add, if the bank files a deficiency judgment against you, could they put a lien on your newly bought mobile home, or use it as an asset? Thanks.

Margery Ellen Golant

Margery Ellen Golant

Posted

Not if it is your homestead. Make sure to file a declaration of domicile, register to vote there, change your drivers' license to the new address and claim the homestead tax deduction.

Margery Ellen Golant

Margery Ellen Golant

Posted

Not if it is your homestead. Make sure to file a declaration of domicile, register to vote there, change your drivers' license to the new address and claim the homestead tax deduction.

Margery Ellen Golant

Margery Ellen Golant

Posted

Not if it is your homestead. Make sure to file a declaration of domicile, register to vote there, change your drivers' license to the new address and claim the homestead tax deduction.

Margery Ellen Golant

Margery Ellen Golant

Posted

Not if it is your homestead. Make sure to file a declaration of domicile, register to vote there, change your drivers' license to the new address and claim the homestead tax deduction.

Margery Ellen Golant

Margery Ellen Golant

Posted

Not if it is your homestead. Make sure to file a declaration of domicile, register to vote there, change your drivers' license to the new address and claim the homestead tax deduction. Margery E. Golant

Asker

Posted

Thanks. Did not know that about the homestead. Appreciate the answers.

Margery Ellen Golant

Margery Ellen Golant

Posted

You're very welcome.

Posted

Absolutely. Also, if it is your only home you might want to think about making it your homestead so it is exempt from judgment creditors. Feel free to contact me ir you want to discuss.

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1 comment

Asker

Posted

Thank you very much.

Posted

I would not recommend buying a mobile home and putting it in a park where you rent the lot. These mobile home lot tenancies are a hot bed of issues right now with every increasing rent despite the poor economy. I have clients whose rent has doubled in six years and they are faced with walking away from their home. They have to choose between food and medication or paying rent. Try to find a park that will let you own the lot or is already owned by a homeowners association (members own the park).

This communication is not intended to create an attorney/client relationship. It is always recommended you consult an attorney in person to discuss your case. The Law Offices of Stage & Associates practices state-wide and represents homeowners and community associations. Please visit our website at www.stagelaw.com.

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