mobile home contract/ - Posted by Deborah

Posted by Tony-VA/NC on March 03, 2004 at 09:49:33:

Deborah,

This is not legal advice but I can shed some light on the mobile home transaction that may help you with several of your questions.

Your mobile home seller cannot transfer title to you because much like a car, the title is held by the lender (his lender) until the loan is satisfied.

He is essentially selling to you on a contract for title.

Your position in such a deal has little security to protect your interest.

As for repairs, unless they were stated in the contract itself, most sellers will argue that you own the home and are not renting the home. Therefore you are responsible for repairs. Sorry for the bad news there.

None of this is intended to convey to you that your deal is bad or you are getting ripped off. The seller may well be doing exactly what he intended to do and will get you the title when you pay off the home (thus allowing him to pay of the loan).

As for the contract’s missing information etc., you might seek the advice of a local attorney. If you really wanted out of the contract it would seem that a letter from that attorney to your seller stating the reasons the contract may be void would be sufficient to entice the seller to either re-negotiate the contract and complete it properly (your attorney can help suggests some ways to protect your interest) or simply void the contract and have you move out.

Tony

mobile home contract/ - Posted by Deborah

Posted by Deborah on March 02, 2004 at 09:38:44:

I purchased a mobile home 15 months ago. The seller still has it finance thru a finiance company. I (stupidly) have been making the payments straight to him. When I asked him what my pay off would be, I discovered that only about have of my money had gone against the balance. He said he had a high interest loan. Now on my contract the Principal balance states a certain amount. Amount finiaced shows the SAME AMOUNT. Also unpaid balance shows the same.There is no amount in the Finiance charge and does not show total sale price. Should I not have received a title or some kind of deed with my name on it,other than the contract I signed. I have also requested from him a statement from the mortgage company to show that all the money I have paid to him has gone towarda the loan. Repairs to the trailer have not been done as promised also also 15 months. Can this contract be terminated.
Thanks for your help.

Just call me stupid.