A modular home equity

A modular home equity is the financial difference between the amount owed on the house and what the market value of it is worth. For example, when a manufactured home has a market value of $100,000 and the homeowner owes $80,000 on the mortgage note, the equity is equal to $20,000. A homeowner can borrow money based on that information, and the equity loans for a modular home then becomes collateral for the equity loan for modular homes note. This is a second mortgage, and the house is at risk of repossession just as in the principal mortgage. When a lending company repossesses a house, then it is sold to pay off the debt, so if there is a default on equity loans for a modular home, the homeowner could be without their house.