Mobile Home Options

[Michael J Flores]

I currently have a friend who's husband inherited a mobile home . They currently have tenants who haven't paid rent in approximately 6-8 months . The home is currently in default (NOD) the earliest sale sale is in March 2016. The default amount is around 8500.00 . The property is currently underwater , loan balance is about 160k and arv is about 121k . There's no rent on the space . It's a 3/2 with a fenced in 6900 sf lot . Per owner there is some cosmetic repairs needed. My initial thoughts were to try and negotiate a lower price short sale with the lender , fix it and use it as a possible rental . The current mortgage is 675.00 . My other thoughts are to pay the default amount and assume the mortgage . Any thoughts or suggestions would be appreciated.