Mobile Homes and Short Sales--can it be done?

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Hey Ya'll! Sun Valley, NV. 1979 Madison Moduline, 24 X 60 mobile home. 3-4/2, approx. 1400 sqft.

Market value of Entire Property $ 190 - $ 200K.

M/H Payoff $ 46K (Market value)
Land is .34 acre w/ permanent oversize 2 car garage/shop, Market value on land is $ 150K. I understand the area is headed towards Subdivision in the next 2-3 years. The area now has sewer/water.

M/H loan is Assumable w/ Qualifying or a Transfer of Equity deal.
M/H owner prefers to sell but will do a L/O or whatever it'll take to get out of this foreclosure. The land owner is willing to 'deal' but he will not budge off of the $ 150K for land/garage. I have spoken w/ the bank and they will take bids (pre foreclosure bids/wholesale?) beginning Friday Nov. 24, 2006. M/H owner had home leased out w/ L/O and they moved out without notice and they were behind 4-5 months. Will take about $ 2500 to catch up. The tenants were paying direct to mortgage company. After they were behind and moved out, the mortagee called home owner now living in TX.

Market value on the entire place is around $ 190-200K. The land owner is willing to sell land at full market value of $ 150K. The M/H is only worth $20 to 25 K if they have to move it. Home owner has made a payment and has local mgmt company repairing/cleaning/showing etc.

Can someone help me/us with this ?? Thanks.....Bonnie
[email protected] or [email protected] 214 221 7509

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