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Mobile Home Residents Bothered by Foreclosure

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By : Leticia Carvalho    99 or more times read
The residents of mobile homes in the Pine Meadows Community got alarmed after learning about the scheduled foreclosure auction of their place on November 4.

Pine Meadows, formerly known as Hilton Estates Mobile Home Park, has about 400 mobile home lots. Of the total number of residents, about half rents the area for $600 a month; the rest have their own mobile homes and just lease their space for $314 a month. Included in the payments are water, trash service, and sewer.

The mobile home park faces foreclosure because according to WBCMT, the lien holder, the owners went into default on a $9.2 million loan. This loan originated from Wachovia Bank Commercial Mortgage Trust in 2005, and the trustee was Wells Fargo Bank, N.A.

However, the owners and property manager of the Pine Meadows Community have not received any notices of foreclosure, contrary to what the lender has said. The lawyer of the mobile community park has stated that he only received the first set of foreclosure documents last Thursday morning.

Due to the uncertainties about the pending foreclosure auction, the residents of the mobile home park got really worried, not knowing what will happen after foreclosure. But they seem to be sure that they will fight for their homes.

Foreclosure attorney says that if ever WBCMT becomes successful in its purchase of the trailer park on the scheduled public auction, it has no plans of evicting anyone from the area for as long as these residents are current on their rent. It only changes when an unusual sale mechanism occurs.

The foreclosure has not stated any other financial details besides the amount of the original loan. Whatever happens, Pine Meadows’ residents must stand-up for their properties and their right to rent. Hopefully, everybody gets to stay current on their rent payments so they will not have to undergo a more complicated legal action, and they will not lose their homes.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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