Helping Maryland Mobile Home Owners Move Their Houses
Many mobile home owners own their homes, but not the land they sit on. In this case they pay space rent and own their homes through what is called a chattel mortgage, unless they purchased the manufactured home with cash. The worst situation for any mobile home owner is to be forced to move their house. This process can cost from $10,000 – 15,000, and there is the problem of finding a new park to move the mobile home to.
The current law in Maryland says park owners must provide a relocation plan, but it is vague about what the plan must contain. There is a new proposal before the Assembly which fills in specifics, requiring the plan to include a timeline of the closure, a list of other parks in the area with vacancies, companies that specialize in moving mobile homes and other information.
A similar bill is expected to make it to the senate, which would be a major win for mobile home owners inside communities. Even when there is no threat of being forced off their lots, many manufactured home owners worry about the prospect.
Surf and Sand Mobile Home Park Residents are offering their park owner, Ron Reed, $6.75 million for their sub-divisions of property. Tho cost per space breaks down to $92,500. This action was brought on by Reed’s request to subdivide the 73-space park, and thereby ending rent control.
California’s Proposition 60 offers tax relief by preventing property reassessment when a senior citizen (55 +) sells their current home and buys a new home worth the same or less. One problem with Prop. 60 is that the tax relief is nullified if a senior buys a home in another county. However, with Prop. 90 a senior citizen will enjoy the tax relief even if their new home is in another county, as long as they move to a participating county.
CMHI has formed a list of 5 important prerequisites to obtaining mobile and manufactured home financing. To satisfy the five essentials for real property lending on manufactured housing:
Only 21% of house listings on the market as of February 1st had one or more price drop. This is lower than previous levels, and is a good sign that housing prices are beginning to hit a bottom. The next question home owners are asking is: How long will this bottom last, and how quickly will home prices rise?
In late 2009, home builders missed sales because they didn’t have enough houses to satisfy a spike in demand from 
Many homeowners with variable mortgages have watched their monthly payments increase or stay high even as they have dropped for others. Why is this? The answer points toward the obscure indexes used to calculate those payments moving in unexpected ways. These indexes behave in strange ways, which have controlled monthly payments on more than $100 billion of variable mortgages, means that many homeowners are paying as much as 25% more than homeowners with similar loans. The higher payments, which can total $269 a month on a $250,000 loan, come as many homeowners are struggling to avoid default.
Penn State University carried out a mail survey in 12 rural Pennsylvania counties, the findings showed that mobile home residents were “overwhelmingly satisfied” with their housing choice. The survey elicited 385 responses. The results showed 48 percent of the respondents cited affordability as a benefit. Another 47 percent said the interior layout of the mobile unit contributed to their satisfaction.