What Are Clayton Homes Repos?

What Are Clayton Homes Repos?

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.

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.