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    dpd3223's Avatar
    dpd3223 Posts: 1, Reputation: 1
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    #1

    Mar 18, 2008, 02:00 PM
    Manufactured Housing Loans/Mortgage
    Dear Sirs,
    I am attempting to locate a credited resource for the provider of the following information:
    * Average Loan Amount
    * Average Term of the Loan
    * Term of the Loan at which repossessions occur (average)
    * Repossession Percentage (repossession rate)
    * Recovery Amount (percentage) of Principle recovered upon disposition of the
    Collateral/Manufactured Home

    Thank You and Kindest Regards,

    Greg
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Mar 19, 2008, 08:19 PM
    I could fnd no public record of this information. You may wish to contract state manufactored home associatoins to see if there isa trade publicatoin that may address these issues
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
    Uber Member
     
    #3

    Mar 23, 2008, 12:07 PM
    I read the manufactured homes trade mags every day and have never read an article that addressed those issues. You may want to contact the Manufactured Homes Builders state organizations and ask them. The loans are chattel loans if they are just for the home on say leased land. They are considered mortgages if the home is "married" to the land in the form of a basement or approved crawlspace. Then the situation is changed around as it is now considered real estate and qualifies for a full fledged mortgage on the home and land. If what you are referring to as simply manufactured homes that are not included in with the land and titled real estate, then yes, the ratio if reposession versus pay off the chattel loan is high due to the lesser amount of the loan in the first place. Chattel loans are like loans for an automobile.

    You may want to Google chattel loan companies and select one and call them and ask your questions. And yes, some do specialize in manufactured home loans.

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