Sorry to say, but it looks like Conseco got us too. We bought our home from Palm Harbor in Tucson, Arizona in July. They told us that we could ONLY finance thru Conseco with a separate land loan and a 3 year ARM (adjustable Rate Mortgate).
Of course we objected to the ARM, but we were convinced not to worry. They would pay our land payments for 1 year, and the first years interest was a low (?) 9%. Also, as soon as we moved in we were told to start re-finance proceedings, and we would never have to worry about the interest rate going up.
Well, 5 months later, we find out you have to make 12 payments before you can begin to re-fi. 12 months later, over 20 mortage companies refuse to touch the loan. The home is WAY overpriced and we can't get the loan-to-value. So when the year is up, I owe a 350.00 land payment and my home payment increases 150.00. That's 500.00 extra a month. No way.
I tried to sell it. Nobody will even look at it. I listed it for not 1 dime more than I owed. No such luck. How can a company be allowed to give a loan on something that has no value? That has to be illegal, and if it's not... It should be. I'm not a finance guru... When I'm told something is work a certain amount, and every dealer in town is the same price... What can I do?
That was 4 months ago. They call me at work daily. They call every family member I have. They told me 2 months ago that I had 72 hours to vacate the home... So I did. I moved into a crappy rental with my husband and 2 kids. 3 weeks later, they ask me why I moved out and why I keep telling them that they told me to get out? They are nothing but liars. I've told them to go ahead and take the stupid home. They won't.
First they threaten to take away your home... Then you tell them to go ahead and they don't do it!!! Take it already!!! The minute you do, I'm filing bankruptcy. I don't care. They've already ruined my life.
If I can gain anything out of this experience, it will be 2 things... First... Never buy a manufactured home unless you have cash and plan to live there for a very long time... Second... Never and I mean never use Conseco Finance. Do some research on the internet. They themselves are 1.8 Billion dollars delinquent. Of course, they get relief from their creditors and only end up having to pay a small percentage of it back... And over 5 years... I'd like to see them have to extend the same courtesy to each of their customers.
Missy
Tucson, Arizona
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