My elderly Mother financed a Mobile home through Conseco Finance, now Green Tree, in July for myself and my husband. The mobile home is in her name but we have made every payment on it since the first payment was made in Aug. Of 2000.
The mobile home was purchased through a mobile home dealership that is no longer in business and hasn't been for quite some time now. The amount financed in July was $36,408.65. Here it is Feb. 2006 and the amount owed is now a grand total of $36,800.71. An outrage! An increase of $392.06. How is this possible?
A few years ago I tried contacting the attorny generals office of WV but to no avail. We filed a complaint and was told that this is legal and there was nothing they could do to help us.
The mobile home is in my Mother's name but we resided in it and have made all the payments. We cannot get insurance on it because it is not in our name. The insurance is included in the monthly payment, it is $95.52 a month, another outrage!
Why is this insurance so high is this legal! That's $1,146.24 a year for a 2000 model single wide mobiel home. The amount keeps going up, how are we supposed to ever get this paid off?
I imagine we'll still be paying for this mobile home when we die and my kids will be hounded to pay for it.
We have tried to sell it, as we have since purchased a house and no longer live in the mobile home. We purchased a lot and have the home set up on it.
The problem with this is that no financial institution will loan anyone enough for us to pay it off, because it is a single wide mobile home, they won't finance it, so we are stuck with it it seems.
Now we have owner financed it for a second time so we don't have to pay the mobile home payment and the lot payment. The first time we owner financed the person fell on hard times and had to give it up so we were paying for the mobile home, lot and our house payment.
We have it owner finaced again but for how long I couldn't say. This is a never ending nightmare which I see no end to. I'm a stay at home Mom and my husband is an owner operator truck driver. When he doesn't work our income stops and if we couldn't make the mobile home payment Green Tree will be hounding my elderly Mother. She is 82 and has advanced breast cancer that has spread to her lungs and she is currently undergoing chemo.
If it wasn't for her I would not make another single payment on this mobile home! At the the time of financing the man at the mobiel home dealership said he had never seen a crdit score as high as my Mother's and yet they sitll charged a 13.06% interest rate, so much for low interest rates if you have excellant credit!
When My Mother passes it will take every penny of my inheiratence to pay that mobile home off, if there is that much after her home is sold.
If anyone else out there is in a situation like mine please let me here from you. Is there nothing that can be done about this rip off? If so, why not? What are they doing that they can get away with this? If it's leqal then laws need to be changed. Help!!!
Sincerely
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