The operation of Internet of Things (IoT) Network and Wireless Sensor Networks (WSNs) can be often disrupted by a number of factors, such as node faults, security attacks, as well as path disconnections. Despite any disruptions or any failures of network components the functionality and performance of the network should remain unaltered. An approach that can assist in resolving the above issues is the use of mobile nodes. In this work, we present a Fault Tolerant Node Placement Algorithm (FTNPA) that utilizes mobile nodes for addressing failures in the network. We initially propose a Mobile Fault Tolerant (MobileFT) Framework, that supplies the two main functionalities of the Fault Tolerant Node Placement Algorithm (FTNPA), which are the detection and the recovery. Then, we present two variations of the FTNPA algorithm, the Decentralized FTNPA and the Centralized FTNPA. The first variation uses a decentralized detection method, where the detection is performed by the neighboring nodes in the network, as well as a local recovery method, where a mobile node is placed in a certain position to assist the affected area. Whereas, the second variation employs a centralized detection method, where the sink is responsible for the detection, and a recovery method that creates alternatives paths of mobile nodes towards a destination node. Simulation results show that the proposed algorithms can significantly contribute to the detection and recovery of faults in IoT Networks and WSNs.