The Manufactured Housing Forums

I'm a small Mfg. Home investor. Had a few problems with lender on payments. They refuse to apply my monies to the loan and now have said I owe three months and have some how managed to get to my tenants and threatened to evict them in 12 days. Payments HAVE been made..have proof. But they REFUSE to apply to loan, thus causing it to show 3 months in arrears. However, the lender insists on throwing the tenants out. Can they do that or is the lender required to file a notice thru the court system? Also, lender can not conduct business here in Arizona. Lic was revoked per Banking Commish. Lender is IN BK-11. (Lender is: Oakwood Acceptance Corp.) Any info will be helpful in calming down the tenant at this time. Home is in Family Park. (NOTE: because these homes (3) are in parks I'm attempting to locate funding to rid current owners names from title and replace with mine. Previous owners walked away from homes) any info on this subject will also be appreciated. But first..the question above is far more important in resolving.

If you are going to be in business..you should understand the laws relating to your business..

This lender has been sold to Vanderbult Mortgage..part of Clayton homes...It is such that they would not accept payments from an assumed loan...If they were abandoned..they probably have already been repossessed and if so..you have NO ownership interest in them...and yes..a lender can remove "squaters" from their homes...Every state is different with its laws and courts may or maynot be required..

You should check with your attorney...not ask legal advice here...You could be in very deep with the tenents if Oakwood moves them out..

Thanks Murray for your reply. After re-reading my post, I realized I didn't explain my situation thouroghly enoungh...judging from your answer. The Mfg Home WAS NOT abandoned/repossessed/foreclosed upon. The onwer just wanted out. So an agreement between him and myself was drafted up to purchase the home, with me locating NEW financing. And all he (the owner) wanted was to get rid of the home...no money down. The park sales office (at the time) co-ordinated the agreement and set me up with loan papers to submit to Oakwood...not telling me that Oakwood was in BK-11 and could no longer conduct business in the state. (Had I known that, I would have negotiated this much differently). In the mean time, the owner knew that I was going to rent out the home as an investment property and therefore I started my search for tenants. After finding one, an agreement between myself and the new tenants was drafted. Shortly thereafter, Oakwood declined my application for new funding, so I was back to square one searching for new financing. Much to my surprise and NO ONE offering to assist, locating a new funding source for these homes in parks was near to impossible. In the meantime, I kept up with ALL mortgage payments to Oakwood. Shortly after the first of the year, the tenants ran into a slight financial problem (although corrected since then) and set the account behind. It took many phone calls to Oakwood, but in the end, they refuse to apply all my monies to the account, which still shows it behind and that's where they came in to threatened tossing out the tenants. And like I mentioned in my first posting, ALL payments are in and I have heard nothing more fro Oakwood. I'm sorry that I found this discussion board, in hopes to gain more knowledge of this busines, but I am wrong. I had no idea I couldn't pose a question that turned legal. I was merely seeking knowledge so I know what to do better next time. And believe me...there WILL be a next time, but I'll know how to do it better. Again, thank you. I will continue to do this type of business, but have gained a tremendous amount of knowledge and will handle these matters differently. Unfortunately, I won't get that information here any longer.

In the future make sure you have the financing and title in your name before closing the deal.Making payments on another persons loan and assuming you have legal ownership to the property is a very bad idea. (as you are finding out).You will need legal advice as no one here knows nothing of your
deals with Oakwood in the legal sense.You can post any question you want here even though you may not like the answer.

You have no legal standing with OAC...Your payments to them are fine...but they do not have to accept them..The other post here is correct...buying a home and leaving the title in the original owners name has many perils with it...Insurance can be a problem...loan assumptions are usually not allowed...wrap around mortgages are usually not allowed (not just in the manufactured home business)...worse..the original owner could file bankruptcy...and you will lose big time..or..you could continue to pay for ever...and they could come back and claim "their" home any time..Most states consider the name on the title as the only owner...no matter what papers you have that might say different..

Legal advice cannot be posted here simply because it is illegal..The laws that protect attorneys are there for good reason...laws are different in every one of the 50 states and what is true in one...most likely might not be true in yours...Good Luck

It is illegal to post legal here.I think that sounds a bit like a paradox Murray.

Oh well.. a dumb thing to say...you are right..smile