Hello all, I am a newbie to the site. I recently purchased a mobile home park in Virginia and am experiencing a dramatic learning curve. In the park is an abandoned trailer that has a secured interest (lien). The tenant left the park about three years ago long before I purchased it. It has taken me three months to identify who the lienholder is against the home. The original tenant filed bankruptcy and was discharged from all debts including this lienholder and walked away from this mobile home.
I have made contact with the lienholder (chain goes like this Equity One to American General to National Capital Management/Title 11 Funding) who is National Capital Funding. Basically they want big $$ in exchange for title to the trailer. The place isn’t worth but $1500 as it needs lots of work (I figure $5000) but it is worth it to me as it is a 3bd 2 bth and I could re-sell it quickly.
My question is this, What are my rights in the instance and what are their rights? There is about $9800 in back lot rent not to mention that the park has maintained this lot for three plus years. The lienholder has made no effort over the past three years to reclaim this trailer and had I not tracked them down they probably would never ever have gotten around to it. After three years, is this my property now? If not, what process do I need to go through to take legal possession of this home? Now that I know who they are can I start sending them a monthly lot rent bill? Thank you for any help.