Q:

What are Clayton Homes repos?

A:

Quick Answer

Clayton Homes sells and finances manufactured and modular homes. When a borrower defaults on a loan and the home goes into foreclosure, Clayton repossesses the home and sells it on the open market. Listings for repossessed Clayton homes are published on ForeclosureWarehouse.com, as of 2015.

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Full Answer

Since Clayton does not sell traditional single-family homes built on foundations, it can repossess a home and physical remove it from the borrower's property. However, Clayton cannot remove a modular home unless the lien is in default and Clayton buys the home back. When banks or lenders buy back homes at auction, the homes are referred to as real-estate-owned properties.

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