Lonnie deal Forecloser/Eviction process

[Terry Drake]

I have a few 'lonnie deals' and haven't had any problems yet as First payments are due April 1st but thought now is a good time to learn what to do should there be any problems getting paid.

For these mobile homes, the title has been transferred to the new owner and I have a lien placed on the title at the Tax Collector/DMV so if the new MH owners are late, what is the fastest/best way to start the forecloser/eviction process?

From what I gather so far, payment is due on the 1st of the month, and they have until the 5th before late fee is added. So on the 6th, I put a 3 day notice on the door? If they don't pay with in the 3 days I go to the DMV and get the title transferred back to me? Am I missing something?

I would love to bounce some questions off you guys! :cool:

PS. I know it varies from state to state but any information would be helpful pointing me and anyone else who reads this thread in the future in the right direction.

[Cole Haynes]

Terry,

Unfortunately getting a home back into your name isn't as easy as going to the DMV and having them print a new title in your name. Your buyer now has an interest in your home. To get the home back you will have to do a reposession.

I have NEVER had to do one. Why? Because I have always been the good guy that works for the company(I own). If the buyer is late on the payment I am firm with them and send the 3 day letter. If they don't pay after the three days these owners are typically not going to become current.

Give them a call and let them know the situation you are both in. They can easily sign the house back over to you if you remain on their side. Maybe even for a small fee.

It is definitely best to keep frustration in check to avoid a home that is trashed and a lot of legal fees and time(lot rent).

I say, "We have two options, we can repo the home and sue you, which I would prefer not to do, or you can be out with the home broom swept and sign the house back to us and we won't come after you for the X amount you still owe."

In a nice way..