In 1999 we were totally ripped off, we were mislead in a very bad way.
We wanted to purchase a bigger mobile home, we bought a 1998 Master Piece Manufactured home, a 5 bedroom, 3 bath double wide, well we signed all the papers and then after they picked up our old mobile home and set up the new double wide, they claimed that we all of our paper work with the bank did not go through, that the bank did not want to finance us after all.
So we ended up using our property as collateral and got financed through a bank called Old Kent Financial, well it was the day before christmas and we go into the office to sign the paper work, our payment was not what was promised by the salesman, it was like twice the amount, and the paper work was not for a 30 year mortgage like promised it was a 15 year mortgage with a ballon payment of 60000.00 due at the end of 15 years or refinance!!! We were caught between a rock and a hard place, we were already living in the mobile home, and then if we didnt sign the papers and they took back the mobile home, where would we live?
So once again we were forced into signing the papers, and then we still had a warranty on the mobile home and none of the repairs were ever fixed, we have carpet in the living room that was stained from leaking in the roof, the walls are not as thick as the manufacturers stated, and the ceiling is cracking and the wiring is all screwed up.
So now we are trying to refinance but no one will cause the home is not worth what we are paying for it, no one wants to finance for 75000.00 when our home is only worth maybe 30000.00!!! I finally gave up on having them replace the carpet, and having them repair the ceilings, with this much that we are paying for this mobile home I feel that we should have a real home, this home whithin a few more years is going to need major repairs, the doors are not solid, and the flooring is not sturdy, the water heater heating element needs to be replaced, the mobile home is not what the papers say that it is, its not as sturdy as it should be, they are made very cheaply and poorly.
The price we paid for this home is 66000.00, Yes it has a lot of rooms but all the walls are thin and the floors are messed up and they promised us stuff that we never got, like new shades in all the rooms, new refigerator, stove and a lot of other stuff that they didnt do. The only reason that they welded our home down onto a cement was because thats the only way the bank would finance us, so not only did we get screwed by Palm harbor but by the bank too!!!
I think that our property that we used as collateral is worth more the home itself!!!
If anyone is going to buy a manufactured home make sure that what your read on how the home is made is true, cause in our case it wasnt true at all, paper thin doors!!! And not the right kind of insulation that normal homes have.
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