A way to collect back-due rent?


#1

Here’s something I’ve thought about that I wonder why more park owner’s don’t do: Why not have a clause in the lot lease granting a security interest (lien) in the mobile home. Have them sign all necessary state paperwork so this lien can be placed on the home, even if you only do it after they are out and owe money or abandon the home. Granted, this will only work on free-and-clear mh’s, but a repo would be a heck of a lot faster than the abandoned title process - especially in states with a non-judicial repossession statute.

In my pet park I see them going through the abandoned process on probably 1 home a month on average. That’s a lot of headache and time spent. I would think this way would be much simpler and have it filed away in the back of my mind for when I have a park(s) of my own. I’d like to hear other’s thoughts.

Thanks,

Michael(KCMO)


#2

Michael,

Most interesting idea. I am going to check into this. Gotta fill my new park and have a LOL with her even older LOL mother who wants move her free and clear home in. Problem is that her credit is a disaster due to the long illness and death of husband. Perhaps I can say I’d be willing to risk renting to her only if I am well protected. I’ll check with the attorney’s at the statewide trade group and see what they say.

Rolf


#3

If I move someone in my park I make them sign their home over to me. I will even pay their home off if the price is right and then I am guaranteed I will get my$$$. No complaints yet