Glennbeauboy
New Member
I have a question regarding a mobilhome puchase in California.
I puchased a mobile home making $120 per month payments. I had gotten behind on the payments because shortly after i moved in, I had to pay for termite damage and infestation that went unnoticed at the time of puchase. My payments were ontime for a year or so until the termite problem. I quit making payments because the finance company wouldn't do anything about the termite problem Once i got behind on the payment 9 months, the finance co. called and wanted to see if we could reach an agreement. I agreed to bring the account current once i recieved my tax refund, and in turn, they agreed to only charge me a $25/month late fee for the first 3 months I was late. About a month after that call, I sent the the company a m/o of $1500. When I got my next statement, i noticed only $700 came off the balance owed, not $1500. When I called them and asked why, I was told there was 2 notes on the mobil home, and that the other $800 went toward the second note. I had no idea there was a "second note" held on the mobilhome. The finance company told me the name of the man who held the second note, and that when ever i made a payment in the past, a percentage of it went to him. A few more monthes went by and I made my payment on time as usual. Then one afternoon the man who "held the second" note contacted me and said I was behind on my mobil home payment and when could I bring it current. I told him that I had, and that he needed to contact the finance company if he didn't get his portion of the $1500 I paid. (meanwhile the termite problems had gotten worse and further damage had been found) the finance company and the 2nd note holder refussed to do anything to help with this situation eventhough by the extent of the damages clearly indicated that the mobilehome was infested prior to my puchasing it. Again, I fell behind on my payments by 6 monthes. When the finance company contacted me this time, I asked to see a record of the payments I made, and how much I owed on the loan, and to the second note holder, all together. I was told that approx. $7000 was still owed on the $10,000 mobilhome purchase eventhough I put a $2000 down at the time of puchase. So when the loan started, the amout owed was $8000. I made the first 12 payments of $120 then the $1500 for the 9 months i got behind plus 3 months of $25 late charges. then about 4 more months after that i made on time payments. and the finance company said I was behind some $3000 and that I owed an additional $7000 still after that. When I asked how that could be, they said that when I got behind the first time and brought the account current with a $1500 payment. theat $800 of the $1500 went to late fee. (ei- 8 months late @ $50/mon on BOTH NOTES= $800) Mind you, I had been told it was only $25/ month late charge, and that they were only going to charge me late fees for the frist 3 months because of the termite problem. Nor did I know that both notes collected a late fee each month I was late.
Anyway, I'm bihind on the payment again and they called to tell me they are going to "forclose" on the mobilhome in 30 days. My first Q. is:
Can the finance comapny actually "forclose" on a mobilhome for non payment of a loan?
2.) Is it possible or even legal to have to pay 2 separate notes?
3.) How can the second note holder be the registered owner of the mobilhome and the finance company be the lein holder on the title, when I'm the one paying for the mobilhome?
4.) Is it legal for the finance company to charge me two $50 late fees for each month I am late? (one for the finance company and the other for the 2nd note holder)?
5.) When I got behind on the payments in the past, shouldn't I have some sort of negative marks on my credit report (a 30 day dilinquancy, 60 day, 90 day, etc)?
Is there anything I can do that wont cost me a fortune in upfront attorneys fees?
I puchased a mobile home making $120 per month payments. I had gotten behind on the payments because shortly after i moved in, I had to pay for termite damage and infestation that went unnoticed at the time of puchase. My payments were ontime for a year or so until the termite problem. I quit making payments because the finance company wouldn't do anything about the termite problem Once i got behind on the payment 9 months, the finance co. called and wanted to see if we could reach an agreement. I agreed to bring the account current once i recieved my tax refund, and in turn, they agreed to only charge me a $25/month late fee for the first 3 months I was late. About a month after that call, I sent the the company a m/o of $1500. When I got my next statement, i noticed only $700 came off the balance owed, not $1500. When I called them and asked why, I was told there was 2 notes on the mobil home, and that the other $800 went toward the second note. I had no idea there was a "second note" held on the mobilhome. The finance company told me the name of the man who held the second note, and that when ever i made a payment in the past, a percentage of it went to him. A few more monthes went by and I made my payment on time as usual. Then one afternoon the man who "held the second" note contacted me and said I was behind on my mobil home payment and when could I bring it current. I told him that I had, and that he needed to contact the finance company if he didn't get his portion of the $1500 I paid. (meanwhile the termite problems had gotten worse and further damage had been found) the finance company and the 2nd note holder refussed to do anything to help with this situation eventhough by the extent of the damages clearly indicated that the mobilehome was infested prior to my puchasing it. Again, I fell behind on my payments by 6 monthes. When the finance company contacted me this time, I asked to see a record of the payments I made, and how much I owed on the loan, and to the second note holder, all together. I was told that approx. $7000 was still owed on the $10,000 mobilhome purchase eventhough I put a $2000 down at the time of puchase. So when the loan started, the amout owed was $8000. I made the first 12 payments of $120 then the $1500 for the 9 months i got behind plus 3 months of $25 late charges. then about 4 more months after that i made on time payments. and the finance company said I was behind some $3000 and that I owed an additional $7000 still after that. When I asked how that could be, they said that when I got behind the first time and brought the account current with a $1500 payment. theat $800 of the $1500 went to late fee. (ei- 8 months late @ $50/mon on BOTH NOTES= $800) Mind you, I had been told it was only $25/ month late charge, and that they were only going to charge me late fees for the frist 3 months because of the termite problem. Nor did I know that both notes collected a late fee each month I was late.
Anyway, I'm bihind on the payment again and they called to tell me they are going to "forclose" on the mobilhome in 30 days. My first Q. is:
Can the finance comapny actually "forclose" on a mobilhome for non payment of a loan?
2.) Is it possible or even legal to have to pay 2 separate notes?
3.) How can the second note holder be the registered owner of the mobilhome and the finance company be the lein holder on the title, when I'm the one paying for the mobilhome?
4.) Is it legal for the finance company to charge me two $50 late fees for each month I am late? (one for the finance company and the other for the 2nd note holder)?
5.) When I got behind on the payments in the past, shouldn't I have some sort of negative marks on my credit report (a 30 day dilinquancy, 60 day, 90 day, etc)?
Is there anything I can do that wont cost me a fortune in upfront attorneys fees?
Last edited:
