Complaint Review: Green Tree/Bombardier - Palatine Illinois

Silly people, You cant get conventional mortgages on mobile homes. Unless you own the land it is on and a bank can get equity value from the land, you are given an auto loan at auto loan rates because they loses value every year just like a car. Think about it, if your home is on wheels and you have a friend with a rig, your home could vanish in the middle of the night just as a car can. Chris_9979, if you have been paying 10 years on $42,000 and still owe $37,000? you made a lot of errors and missed a lot payments over 10 years. 10 years and you only paided down $5000 is your fault, Sorry but that is the fact.

Tell that to the hundreds of millons of people, who did get 30 year loans on houses. As far as I know almost everyone, 99.9% of home buyers got a 30 year mortgage, the same as you. I didn't see 15 year notes until the mid 90's. I sure they were out there, just not real common. If YOU chose to pay on it for 30 years, that's your choice. As for buying a mobile home, that's been a know fact for almost as long. Would anyone take out a 30 year loan on a car that might last 5 to 7 years? I blame the mobile home people for convincing people that mobile homes are such a "good buy" over stick built homes. Lord, last time I looked, mobile homes were almost as expensive as "real" homes. There's one place here in town selling TWO story mobiles. Few years back, the state passed laws making it a requirement that the owner had to buy the property it sat on. I guess to keep them from hooking 'em up and driving 'em off in the night. Many had outhouses and garden hoses. I put those comments in as suggestions and solutions, how you take them is your business. People don't like to hear the cold hard facts. So be it.

I know you've had a couple not so nice comments on here and I apologize, I don't know why people find the need to say things that are nasty. Until they are put into that situation, no one should ever judge someone else, because it could happen to them just as fast. I have to say I completely feel for you in your situation. I wish I could say that I had some good advice for you, but I really don't. All I can say is that my mom and I have just gone through a similar situation. My parents bought a double wide mobile home in 1987 for around $40,000. It is now falling apart and the park that we are in is getting a lot of very undesirable homeowners, so I have finally talked them into moving this past July. Unfortunately my father passed away over the summer, so now I have the task of working everything out for my mom and I. We had signed a purchase agreement for a brand new condo and were so naive to think that we could sell our house no problem. The floors are in bad condition and it needs new carpeting, which is costly, but it could be done. We owed $18,000 on the home, when we started trying to sell it we found out that we could MAYBE get $8,000 if we sold it through the realtor in our park and even then there was no guarantee, as there are approximately 30 homes in our park for sale at this time. We were both absolutely astonished. My parents have paid close to $250,000 for the home and lot rent over the years and all we could possibly get out of it is $8,000, unbelievable. In our situation we had to get rid of the home as we were moving. We have decided to go with a mobile home broker that will take the home off the lot and refurbish it. Of course we are not getting even close to $8,000, but it will be off our hands and we will pay the rest of the loan off ourselves. The sad situation is that people are being mislead that mobile homes are such a great value, a cheap alternative to normal housing. It's not until someone tries to sell the house that they find out they've been completely taken. It's truly sad to know that I paid more for my car than what this home is worth. I wish you all the success in the world and hope things turn around for you.

I know you've had a couple not so nice comments on here and I apologize, I don't know why people find the need to say things that are nasty. Until they are put into that situation, no one should ever judge someone else, because it could happen to them just as fast. I have to say I completely feel for you in your situation. I wish I could say that I had some good advice for you, but I really don't. All I can say is that my mom and I have just gone through a similar situation. My parents bought a double wide mobile home in 1987 for around $40,000. It is now falling apart and the park that we are in is getting a lot of very undesirable homeowners, so I have finally talked them into moving this past July. Unfortunately my father passed away over the summer, so now I have the task of working everything out for my mom and I. We had signed a purchase agreement for a brand new condo and were so naive to think that we could sell our house no problem. The floors are in bad condition and it needs new carpeting, which is costly, but it could be done. We owed $18,000 on the home, when we started trying to sell it we found out that we could MAYBE get $8,000 if we sold it through the realtor in our park and even then there was no guarantee, as there are approximately 30 homes in our park for sale at this time. We were both absolutely astonished. My parents have paid close to $250,000 for the home and lot rent over the years and all we could possibly get out of it is $8,000, unbelievable. In our situation we had to get rid of the home as we were moving. We have decided to go with a mobile home broker that will take the home off the lot and refurbish it. Of course we are not getting even close to $8,000, but it will be off our hands and we will pay the rest of the loan off ourselves. The sad situation is that people are being mislead that mobile homes are such a great value, a cheap alternative to normal housing. It's not until someone tries to sell the house that they find out they've been completely taken. It's truly sad to know that I paid more for my car than what this home is worth. I wish you all the success in the world and hope things turn around for you.

I know you've had a couple not so nice comments on here and I apologize, I don't know why people find the need to say things that are nasty. Until they are put into that situation, no one should ever judge someone else, because it could happen to them just as fast. I have to say I completely feel for you in your situation. I wish I could say that I had some good advice for you, but I really don't. All I can say is that my mom and I have just gone through a similar situation. My parents bought a double wide mobile home in 1987 for around $40,000. It is now falling apart and the park that we are in is getting a lot of very undesirable homeowners, so I have finally talked them into moving this past July. Unfortunately my father passed away over the summer, so now I have the task of working everything out for my mom and I. We had signed a purchase agreement for a brand new condo and were so naive to think that we could sell our house no problem. The floors are in bad condition and it needs new carpeting, which is costly, but it could be done. We owed $18,000 on the home, when we started trying to sell it we found out that we could MAYBE get $8,000 if we sold it through the realtor in our park and even then there was no guarantee, as there are approximately 30 homes in our park for sale at this time. We were both absolutely astonished. My parents have paid close to $250,000 for the home and lot rent over the years and all we could possibly get out of it is $8,000, unbelievable. In our situation we had to get rid of the home as we were moving. We have decided to go with a mobile home broker that will take the home off the lot and refurbish it. Of course we are not getting even close to $8,000, but it will be off our hands and we will pay the rest of the loan off ourselves. The sad situation is that people are being mislead that mobile homes are such a great value, a cheap alternative to normal housing. It's not until someone tries to sell the house that they find out they've been completely taken. It's truly sad to know that I paid more for my car than what this home is worth. I wish you all the success in the world and hope things turn around for you.

I know you've had a couple not so nice comments on here and I apologize, I don't know why people find the need to say things that are nasty. Until they are put into that situation, no one should ever judge someone else, because it could happen to them just as fast. I have to say I completely feel for you in your situation. I wish I could say that I had some good advice for you, but I really don't. All I can say is that my mom and I have just gone through a similar situation. My parents bought a double wide mobile home in 1987 for around $40,000. It is now falling apart and the park that we are in is getting a lot of very undesirable homeowners, so I have finally talked them into moving this past July. Unfortunately my father passed away over the summer, so now I have the task of working everything out for my mom and I. We had signed a purchase agreement for a brand new condo and were so naive to think that we could sell our house no problem. The floors are in bad condition and it needs new carpeting, which is costly, but it could be done. We owed $18,000 on the home, when we started trying to sell it we found out that we could MAYBE get $8,000 if we sold it through the realtor in our park and even then there was no guarantee, as there are approximately 30 homes in our park for sale at this time. We were both absolutely astonished. My parents have paid close to $250,000 for the home and lot rent over the years and all we could possibly get out of it is $8,000, unbelievable. In our situation we had to get rid of the home as we were moving. We have decided to go with a mobile home broker that will take the home off the lot and refurbish it. Of course we are not getting even close to $8,000, but it will be off our hands and we will pay the rest of the loan off ourselves. The sad situation is that people are being mislead that mobile homes are such a great value, a cheap alternative to normal housing. It's not until someone tries to sell the house that they find out they've been completely taken. It's truly sad to know that I paid more for my car than what this home is worth. I wish you all the success in the world and hope things turn around for you.

I am not a moron I understand the concept of paying it off early and how companies have tomake money by the interest!!! But I am sick and tired of finacial companies ripping people off!! That is a little ridiculous to make that much money off of a place. I was taken advantage of and so are millions of other people each day! This has to stop! And whoever said they had a simialar problem to me, I would gladly pay $10,000 interest on my place! But I am paying almost $100,000! So sorry if i don't feel like your in the same boat as me!

I am not a moron I understand the concept of paying it off early and how companies have tomake money by the interest!!! But I am sick and tired of finacial companies ripping people off!! That is a little ridiculous to make that much money off of a place. I was taken advantage of and so are millions of other people each day! This has to stop! And whoever said they had a simialar problem to me, I would gladly pay $10,000 interest on my place! But I am paying almost $100,000! So sorry if i don't feel like your in the same boat as me!

I am not a moron I understand the concept of paying it off early and how companies have tomake money by the interest!!! But I am sick and tired of finacial companies ripping people off!! That is a little ridiculous to make that much money off of a place. I was taken advantage of and so are millions of other people each day! This has to stop! And whoever said they had a simialar problem to me, I would gladly pay $10,000 interest on my place! But I am paying almost $100,000! So sorry if i don't feel like your in the same boat as me!

Yup, welcome to the real world! Was in a similar situation, on a smaller scale. Bought a single wide as a rental, was going to let the rent pay off the note. 440.00 a month for 60 months. 18K loan became close to 28K with the interest. trailer was 4 years old, was a repo, bank sold it right with the city lot it sat on. had a good tenant that paid 450.00 rent, every month, on time, and cared for the property. I set down and figured it out, and paid an EXTRA 450.00 a month towards PRINCIPAL ONLY, and paid the loan off in 2 years! Saved close to 6K in interest alone. And, not to mention my credit score went through the roof! You CAN do it! Go to Bankrate and enter all the numbers, then add an extra 100. or 200. a month to PRINCIPAL only, and see how fast the note gets paid off!! Get a part time job if you have to, but get that extra cash in there EVERY month, before long YOU will have the title/deed, not the bank! Good luck to you!

Typical 30 year loan, for the FIRST 20 years most of your payment goes to interest. As an example, IF you pay $500 dollar a month, maybe $5 or $10 goes to the principal, the rest goes towards interest. That's for the first twenty years of a 30 year loan. When you hit the 20 year mark, most of the payment will go towards the principal(balance) and alot less goes towards interest. IF you want your balance to decrease, you can do a couple of different things. You can pay extra money to your monthly payment. MAKE SURE they are applying the extra money to the principal(balance). DON't get roped into ANY refinance deal. You'll just get screwed. Some people take a monthly payment and divide it by 12 and add that amount each month. You can try and refinance into a 15 year loan. Don't bother. Just add extra money each month. Again, MAKE SURE they are applying it to the principal(balance). The $42,000 turning into a $133,333.33 is the standard for everyone who isn't smart enough to pay their houses off early. I refinanced my 30 into a 15 and will pay the 15 off in 8 or 9. You probably have a 30 year loan. Just think about those morons that got 40 and even 50 year loans. Those are just some of the reasons some people are facing a crisis in the housing market. The sad part is after paying $133,333 on a single wide, it won't exist in 30 years. It'll be part of some car or some coke can or some double wide or in a landfill, whereas IF you had purchased a real house, you'd have something to show for it and something you might be able to sell or pass on to your kids. I know, my wife has one she bought 15 years ago that she "rented" out to her sister who hasn't paid her rent for the last 15 years. The amazing part about paying an extra amount each month is that you can knock off 3 to 5 years or more depending on how much extra you pay each month. If you say you're gonna pay $133,333 and you have a 30 year note, that's around $370 per month. If you knock off 3 years that's $13,000 in savings. If you knock off 5 years, that's $22,000 in interest you won't have to pay just by paying a little extra each month. Come on, you can do it. My Dad's balance was $18,000 with 8 years to go on a 30 year loan. He took it out of saving and paid his house off. HIS monthly payment was around $500. He saved himself $30,000 in interest by paying it off early.