bankruptcy

[Larry]

I bought a 2001 Palm Harbor doublewide and put it in a park. I had no idea of a chattel loan as my sales rep never told me anything useful to my advantage. I came into this deal ignorant and I asked him to help me out along the way, but I got the short end of the stick. I finally got stuck with a 75000 house note through Conseco at 11.99%. I refinanced with Chase and got 8.9% which shaved 10 years off my loan and brought my monthly payment to 678 instead of 750. I also have to pay the monthly lot payment of 240 every month so do the math. Is there anyone else out there that is in this situation or am I alone? I am considering bankruptcy and using my wifes good credit to buy a brick house since I'm already paying almost 1000 dollars a month to live in a trailor park. I am an E-6 in the Army and my wife and I bring in over 5000 a month and both have excellent credit, but I am so disgruntled when the management tells me I cant even put in a stone patio behind my house(I live in a Summerfield park) when other abandoned houses around me are falling apart! I am this close to filing bankruptcy and ending all of this and moving on post. How long will it take me to buy a real house and will ever be able to use my VA benefit loan? If anyone is in this situation or has ever escaped from it PLEASE let me know.

And also I had no problem with Chase refinanceing my house because it was really quick, but I also went through JCF.

[rmurray]

Bk is a pretty drastic action...there could be ramifications in the future you have not thought about...for instance being in the military...future security clearances could be effected....

If you file Chapter 7 BK...it will be at least 2 years (with reestablished credit) before you can buy on FHA or VA...Most mortgage companies require 2 perfect years of reestablished credit..with NO 30 day accounts...Alos...Chase has a policy that you will NEVER deal with them again...

[proxy.aol.com]

I don't see why everyone should pay (through higher insurance and mortgage insurance rates) for your lack of due diligence, especially when there are so many folks overwhelmed with medical bills who have no money and truly deserve a fresh start. No intent to offend, but I believe one should live up to their obligations, and someone in the US military should set an example. Please sell over time, take the loss, consider it a lesson, and move forward. Thank you.

[CHris]

I hear you and can sympathize......I think it is emotions talking and you won't really file bankruptcy, it's not a wise thing to do. in any event we are in a Hometown America park and they just handed us a third rent increase for the year. We are betting we get another in Jan., My advice to you is save as much money as you can find land, move the house and either enjoy it or sell the whole thing and buy a stick built. We were going to start a homeowners assoc, to try and deal with management, but we gave up. The park knows it has it's tenants hostage, because it's not easy to pack up your house and move it....so save, save, and save, buy land and move the house......then you can sell it and maybe make a few dollars...thats what we are working on to try and get out of Hometown hell.
Good Luck

P.S If you want to vent some frustration, everytime you see someone looking at lots or houses for sale in your park tell them what it's "really" like to live there, maybe it will save someone else from making the same mistake, plus it's nice knowing it's one less victim for the park owner to suck blood from.....yes.......i am bitter...........

[chris]

our lot rent when we moved in September of 2002 was $383.00, starting 10/1 it's $441.75.....I wish i had your lot rent!!!!!!!!!

We are paying California prices in NE PA.

[larry]

Your words make alot of sense to me and you are right, I am taking out my frustrations. But if I can help someone else before they get in this mess, than I will feel a whole lot better.

[cynthia]

I TOTALLY UNDERSTAND WHERE UR COMMING FROM MY HUSBAND BOUGHT A REPO AT 16.75% INTREST THROUGH CONSECO ON RENTED LAND AT 150.00$ @ LOAN OF $42,000 AND WE CANT SELL IT FOR WHAT WE OWE ON IT YET YET NO ONE WANTS TO REFI IT CAUSE ITS NOT ON ITS OWN LAND, EVEN IN 30 YEARS I DONT SEE HOW WELL EVEN HAVE IT PAID FOR? IM IN MO AND FOR THESE MONTHLY PAYMENTS WE COULD HAVE A NICCCEEE HOUSE. SO ANYONE THINKING OF BUYING A MOBILE HOME DONT UNLESS ITS ON PERMANENT FOUNDATION ON ITS OWN LAND. SO NOW WE GOT TO FIGURE OUT WHAT TO DO? WE CANT STAND FEELING LIKE WE REALLY DONT HAVE OUR OWN PLACE. SO I KNOW WHAT YOUR FEELING.