When you're told information by your mortgage company you should be able to trust it, right? WRONG! We were told the contract on my mobile home was an assumable contract, however the contract could only be assumed if the payments were 30-60 days late.
Well, being one to pay bills on time, this was hard for me to do. I offered to send a reserve check to hold on to so that I really wasn't late. It was no problem to be late - nothing will happen unless it's 90 days or more... Okay I was nervous.
I let the home default 30 days behind to sell and let someone assume the contract. Everyone that tried was not qualified - so I was told.
So here I was trying to sell my home and couldn't and it was still 30 days behind. (so they said this was required.)
Well this past week we had the chance to refinance the home 3% less than that of Green Tree. Well, since there is a past history of being 30 days behind, no one will finance for us. We told them it was at the request of the Mortage Co so the contract could be assumed. Well, needless to say we've been declined by 4 other mortage companies... And it's all because of what a branch manager instructed us to do to make the contract assumeable.
For some reason this does not seem fair... GEE, you'd think you could trust a manager for the financing department for contracts to be able to give you correct information. I'm locked into this damn company and there's nothing I can do now unless I want to give up my home. Why do they get that control???
Watch even what the highest manager tells you - get it in writing even though they say "this is what the contract states" - funny - they never would provide a copy of their statement... Wonder why...
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