The Manufactured Housing Forums

I bought a 2002 Palm Harbor d/w for 63000. After all the additional costs its over 75000. I recently refinanced with JCF and got 8.9% because I rent a lot. Well with the house and lot payment of 250 I am paying over 900 a month. Now I get a letter that I owe 1200 in taxes. My salesman told me there was no taxes if I put the house in a park. I originally wanted land. I know home owners with brick houses that own the land and pay less than 1200 in taxes every year. This may not seem like alot but Im in the military and a fixed income. Im almost to the point of walking away from this whole deal. I put 4000 down on this house and I like the house, but Im thinking of cutting my losses. If I do this, will I ever be able to buy a house again. I have excellent credit right now.

If you walk away,,,They will sell this home at auction..you will still be responsible for the tens of thousands of losses they will incur..

You could file bankruptcy if you do not have lots of other assets...Then after it is over for 12 months..and you have not been late on anything...You will be able to buy a home again..

Your credit must be really good indeed to have refinanced at such a good rate....remember...low credit scores effect everything you buy..rates on all your credit cards..future auto loans..even health, auto, life insurance rates are credit sensitive..So...your losses over time could be very large..

Sorry you were lied to..this salesperson and his manager need to be taken to task...with your credit you could have bought the land at a 6.5% rate at the time you bought...that means if the land was less than $40,000 your payment would have been less than is is now with the rent...the home only sale was only for the benefit of the sales person and dealership...they got their money quick...

At least you should complain to the ownership of the dealer you bought from...if it was a PH store write Lee Posie the CEO...I doubt they will do much..but maybe you will save someone else from these kind of problems...Unfortunatly for you...giving the home back to the current lender will only hurt them and you...PH might even offer to buy the home from the lender and resell it at a large profit..

Thank you, Sir.

Many states will makes you pay only a percent of this personal tax due if this is your primary residence and you are a state resident.If this is true in your case check with your tax office to see if you are getting the correct rate.

Thanks. I live in Texas so I will post the findings tomorrow when I ask them about that.

If you are actually in the military you get an housing allowance that pays half to all of your housing costs. Don't deny it - my area is $500 a month (plus the dependent allowance you get on top of that). With my house that pays the mortgage and part of the lot rent. If you still can't pay your bills you are a security risk and your commanding officer will be very interested in your predicament. If you declare bankruptcy you will be thrown out, or you will be required to move into base housing and have your expenses handled by someone else until you can get on your feet. Don't pull the "I'm in the military and broke" - I know better.

345 yep == just because he is in the military does not mean he will get thrown out for filing bk! my hubby and i were both in military, and we filed bk, no we did not get thrown out, and no, no one took over our finances. please do not make a blatant statement about all.
i don't know of any military family that is not on a fixed income.
yes the military does get a housing allowance, so what. those taxes that the original poster is referring to is killing him.

larry==the choice to file bk is your choice. if you file bk, it will be hard to get anything for at least 2 yrs. but if you keep your credit clean for those 2 yrs, no lates and reestablished credit, you should be good for another mortgage in 2 yrs.
but i would seriously consider this option very carefully, is this housing issue the only reason you are thinking of bk? are there other financial responsibilites you owe? if the housing is your main consern i would give this a lot of thought!
what is your paygrade? perhaps if you sought out a financial counselor, between you two could come up with another solution this this delima.
good luck to you.