If you default in your manufactured home loan, the lending company could possibly retake control of it through repossession or property foreclosure.
A home that is manufactured a kind of housing this is certainly brought to a location and, as soon as here, is generally guaranteed into the ground or even a foundation. Continue reading for more information on the type of manufactured housing and what are the results it sits upon if you stop making loan payments on your manufactured home or on the land.
Knowing the Difference: Mobile Phone Residence, Manufactured Home, Modular Residence
Cellphone home, manufactured home, and modular house are terms which are commonly used interchangeably; however, you can find distinctions.
Cellphone Homes and Manufactured Homes
In 1974, Congress passed the mobile phone Residence Construction and protection guidelines Act (the Act), which directed the U.S. Department of Housing and Urban developing (HUD) to place forth federal construction requirements for mobile houses.