Despite the word “home” in the title, mobile homes are usually considered to be a vehicle rather than a structure. Loans for mobile homes are more similar to a car loan than a mortgage. Mobile home foreclosures, therefore, are a little less complicated than a foreclosure on a house. This can work to the advantage of an investor, but can be a swift disaster for the owner of a mobile home.

Mobile home foreclosure listings can be found at a number of sites on the Internet. It’s important to remember that what you are buying is the mobile home itself, not the property it sits on. Also, a buyer needs to consider the cost of transporting the mobile home to a new property. That being said, foreclosed mobile homes can offer someone a terrific bargain on a beautiful home. This is particularly true if you already have land available.

The mobile home foreclosure process can happen very quickly. For those going through a mobile home foreclosure, because it is a personal loan and not a mortgage, the lender does not need to give a specific notice before repossessing the property. If you are falling behind on payments, it is in your best interest to contact the lender to see what can be worked out. Or, if the lender has already repossessed your mobile home, there may be legal recourse available with the assistance of a lawyer.

Because of the nature of mobile home loans, the inventory of modular home foreclosures can be quite high, as well as the turnover of inventory available. The savings on this type of foreclosure can be significant and makes for a great investment or vacation property, particularly if you have the cash available to pay for the whole thing outright. Take the time to research several websites and visit a mobile home lots to become familiar with the fair market of the different sizes and styles.

Mobile home foreclosures are not sold through a public auction. Many local mobile home sales lots will have an inventory of foreclosed mobile homes that were financed through the seller rather than an outside lender. If you don’t see what you are looking for on the lot, or don’t want the hassle of driving from lot to lot, start your search online.