Mobile Home In Park/ Subject To.
This afternoon I went to see a MH that is for sale. The lady needs out, no job and suing for workmans comp, has no money.
Nice and clean 1994 MH, 2 bed/2 bath, open kitchen, front deck, all appliances, curtains, blinds, storm windows and ceiling fans stay, central heat and air. In very good condition, no repairs. Is on rented lot (140/mo)in nice trailer park.
She assumed the mortgage in 1995 from the previous owner with a balance of 21000. At that time she had a boyfriend and both are on the mortgage, the title is in her name only. She has been harrassed by the boyfriend, whom she kicked out 3 years ago, because he is still on the mortgage. It would cost her 1100 to get him off.
Would it be wise or dumb to buy this MH Subject to, with that ex-boyfriend still on the mortgage?
She wants 300 U-Haul money.
The balance on the note is 18780, int. is 11.75%, payments are: 260.56/mo + 42/mo on insurance, taxes 187/year.
Ladybug[ Edited by Ladybug on Date 07/29/2003 ]
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