Foreclosure - can I charge bank lot rent?

A tenant In my park stoped making payments on his trailer mortgage and the bank is finally foreclosing on him.

It has been four months and the tenant moved out a few months ago.

I haven’t received any lot rent in 6 months.

Is the bank responsible for lot rent after they foreclosed? Also, the bank is not doing any maintenance and I am doing maintenance and upkeep on the property incurring a couple of thousand dollars of maintenance fees on the property. Can I charge them that as well?

I’m not sure about your state, but in CA I will charge the bank.
Send the bank a Notice to pay or Quit.

Who is the lender?

@BruceTurner I agree that you want to work with the banks. I have found that the only way to get their attention is to send them an Eviction Notice. Otherwise, I get the run-around. “Sir, we can’t discuss the specifics of this home since you are not our customer.”

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You might run this past your state park owners association. I’m guessing that you can charge them rent, and you can negotiate with them on the maintenance. But I’m just guessing.

Best wishes.

Be careful to be reasonable with the lender. Try to negotiate some back lot rent but don’t play hardball or they will yank the house out your community and you’ll have an empty pad.

Think big picture and try and partner with them.

I personally would play hard ball. Banks are not in business of spending money moving homes and will simply want to off load them. I would serve a pay or quit for rent and maintiance. If I was in the position I would offer to take it off their hands with a low ball offer. All they need is what’s left owing on the loan.

Certainly the bank (or anyone) is going to take a $10k loss if they don’t have a ready buyer after storage and moving costs, plus they usually have to sell it to a dealer who won’t pay retail price. So it’s fine to low-ball them and you can get some nice homes this way, but the nicer the home the less you can low-ball below the remainder owed (or the bank will yank and call your bluff).

The problem with this approach is two fold. You usually have to do a ton of aggro to find one person in the bank who actually has the authority to negotiate, and secondly there quite possibly may be more balance due on the note than the home is worth.

@AG your mistake was not sending a notice and demand letter to the owner and all interested parties (e.g. lienholder, tax office) right away. You are entitled to storage fees (i.e. lot rent) once you have followed the correct procedure for your state. For example, the lienholder may have 60 days to collect the property.

Keep a file copy of the certified mail number (best practice to put this in your demand letter) and the USPS green return receipt when you get it as proof of the date you can start the clock.

You also should attach the tenant’s debt to the home if you can.

When you show up in court you will wave the back rent, lease, and notice letter in the courtroom and the judge will allow you to recover… Something. Good luck.

Or you don’t do any of this and you wrap all that recovery into your low ball offer.

I had a bank take back a home in my park when I first bought the park. It was a older home, solid but rough condition. I convinced them that the home was of very little value and they realised it was going to cost money to sell it. They ended up signing it over to me for free and I resold it for 20K without doing any work.
Banks do not want to be in the business of owning homes.

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i would send a certified letter notifying lien holder of the past due rent, late fees, grass ,maint etc
and past due rents from prev tenant.(might want to file a lien on the home)
remember your park is PRIVATE PROPERTY , so they have to have your permission to come into your park.
just make sure they dont try to pull it on a weekend.

then i would try to buy it as is where is. and get the bank off the hook.
hopefully u have an attorney ,u might want to have them send a letter to the lien holder.

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