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conseco
Posted: Sat Jan 11, 2003 11:33 am
by jessica kiefer
Hi all,
My husband and I purchased a repo mobile home. We financed thru Conseco. As you know they have filed for Chapter 11 Bankruptcy. What I would like to know is what happens to the people who have financing thru them. Can we gain our title to our doublewide without paying the rest of our loan? Thank You for your time.....Tom and Jessica Kiefer
Re: conseco
Posted: Sat Jan 11, 2003 12:43 pm
by the refiman
Chapter 11 is a reorganization plan not a liquidation plan. They are still in business and still lending ( although MH homes divison may still be suspended from originating new business)
All a Chapter 11 does is let them reorganize their debt structure. Otherwise it is business as usual.
To answer your question-NO. You will have to continue paying your note as agreed.
Good Luck,
Re: conseco
Posted: Sat Jan 11, 2003 6:55 pm
by Bill Fry
It would be nice if that was possible !
Even if Conseco went belly up somebody would still buy their outstanding loans.
This means nothing to you however as you will continue to pay your loan payment as normal to whomever might buy it from Conseco.
Re: conseco
Posted: Sat Jan 11, 2003 10:19 pm
by BIGjoe
Are you crazy, that could be the most ridiculous thing I have ever heard. I told my wife that and she about fell down the steps laughing. Nice try but I dont think so.
Re: conseco
Posted: Sun Jan 12, 2003 1:57 pm
by Richard
BIGjoe, your name said it all. That is a problem in our society today. Other people always think that because 'they know it all' then everyone should 'know it all. The well educated and good sense of many people can overlook the other person not understanding 'everything'. Someday, Bj, someone will laugh at you.
Re: conseco
Posted: Sun Jan 12, 2003 8:55 pm
by BIGjoe
Lighten up a little Dickie, have a little fun with life and dont take everything so serious. The world would be a better place if people like you didnt take everything so serious. You have to admit her thinking she was going to get that trailer free and clear was a little funny.
BIGjoe
Re: conseco
Posted: Mon Jan 13, 2003 8:30 am
by Pat
Not really. Years ago my daughter owed a debt to a businessman that she really didn't think she owed, but paid him payments anyway. All of a sudden, he shut his doors and left town. End of debt. Guess he wasn't such a good businessman after all. Not exactly the same as conseco but who knew?
Re: conseco
Posted: Tue Jan 14, 2003 9:22 am
by Margaret
When we purchased our double wide in May '02, it was financed with Conseco. In November '02, our loan was transferred to a different company (Vanderbilt, I think).
Maybe that's what they will do with your loan.