contract sale on a mobile home?
by admin on May.05, 2010, under Renting & Real Estate
tryfrog asked:
Me and my husband found our dream home,the problem is we have no credit,and the way everything is now no bank will give us a loan.The owner of it is behind 1 year on her payments,and supposedly she has turned over the property to the finance company but when i called them they had no knowledge of it.She said she would do a contract sale,how do we go about it?Do we contact the finance company that has the house and try to make arrangements with them or just pay her every month.If we pay her how will we know the finance company wont come and take it away.Help!!!! Please!!!!
Anita
Me and my husband found our dream home,the problem is we have no credit,and the way everything is now no bank will give us a loan.The owner of it is behind 1 year on her payments,and supposedly she has turned over the property to the finance company but when i called them they had no knowledge of it.She said she would do a contract sale,how do we go about it?Do we contact the finance company that has the house and try to make arrangements with them or just pay her every month.If we pay her how will we know the finance company wont come and take it away.Help!!!! Please!!!!
Anita
May 6th, 2010 on 2:14 am
Amy
There is something wrong with this transaction. If the seller is a year behind the finance company should have already come to get the MH. If not they will soon. A contract sale will not stop this. Any money you put into this deal is at a HIGH risk of vanishing.
May 7th, 2010 on 7:36 pm
Bill
In my opinion, if the owner is willing to do a contract, the finance company knows nothing about it at all because she can not do one without them knowing. I would contact the finance company and if possible, go in and talk to them in person and explain in detail what is going on (you can usually get more information by going in person) and find out what your options are, are they getting ready to repo the home or what and they may even be willing to give you a loan if she is that far behind, just to get it off their hands.