Notify Creditors of Pad Rent Arrears
Inform known lien holders and other interested parties that the mobile home that they loaned money for could be in jeopardy due to pad rent arrears
Whose it for?
- Home Parks
- Leased-lot Landlords
- Property Managers
When is a Notice to Creditors used?​
Most home parks will notify creditors of the pad rent arrears once they have made attempts to collect directly from the tenant with no success.​
Why is a Notice to Creditors used?
Banks and other lenders know that the value of moveable chattels like mobile homes is highly dependant on location. Knowing that a mortgaged home could be evicted from its park due to pad rent arrears will usually bring quick attention to the matter.
Where should a Notice to Creditors be delivered?
Notice of the unpaid pad rent should be delivered to the address registered in the creditor’s lien as well as any other addresses that may have been provided to the home park. Some also choose to issue notice to the lenders head office and/or local branch.
What does it look like?
Your document will vary based on your entries
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