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Modular Homes: States
built 628 days ago
Modular homes are an excellent solution to the problems facing the construction industry. Modular homes have been around for decades. Due to ever-increasing material costs and a tight labor market, modular homes are now coming into their own. They are built similarly to conventional homes. However, they are constructed in a controlled environment to the most stringent codes required by the State to which they are shipped. The standards and quality are actually higher than in many site-built custom homes.
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[D]ue to the rising popularity of modular homes, the laws are now more sensitive to the rights of modular homeowners. For example, state laws of Judicial Foreclosure require the creditor to get a court order to take possession of the property. He must provide evidence that the loan is in default, and a notice must be given to the borrower before foreclosure procedures begin. In addition, the Right to Reinstate clause gives the borrower the right to make adequate payments and regain his property. Finally, a Limit on Deficiency Judgment prevents the lender from suing the borrower for the amount still owed on the loan after selling the home, if such a case arises after repossession.
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Modular homes and buildings are the fastest-growing segment of the home building industry. A modular building is simply a framed unit built to state building codes in a controlled, environmentally protected building center using precise and efficient construction technology. A modular home is built to the same codes or better as a site built home, and because they must be transported to the home site, modular homes are much stronger than site built homes.
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In the past, modular homes loans were mostly treated like personal loans and hence not protected by foreclosure laws. For example, some still states allow a Power of Sale clause, in which the borrower allows the lender to sell the property if he defaults on the loan payment. This means that the lender does not need to go to court to obtain a foreclosure.
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Apex prefabricated housing brings a new level of quality and consistency to the modular home industry. Apex custom housing is constructed to meticulously high standards, and state-of-the art production facilities ensure a finished floor plan which adheres to all state and local building codes. more
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