stuck with 23k home
My ex got me into a bad deal about 6 years ago on a brand new $31,000 SW. I signed a "buy-for" (only it seems there's no such thing) for a nice guy (turned out to be a meth freak).....he bailed after 2 years, the next guy bailed, now the current one is worse than bailing.
Meanwhile, I owed $22K on this SW at the end of 6 years and paid it off because the interest was 10%and I was going crazy.
The contract on the last guy was not written by a lawyer and it apparently is improper - this is Missouri and there are these USPC codes, etc. The guy has been there 4 years, though his contract ran out after 3 years...and he's sue happy. Truth is, he is bankrupt and absolutely can't get a loan, and I kept getting stalled, HOPING he would finally get it financed through a friend, but it never happened. When I tried to evict, he decided he wants me to pay HIM the $3000 down payment back - which is about how much he's behind in his monthly payments. But he's tight with some of the powers that be in this town. I paid a lawyer, who told me I don't owe him anything, but it will need a trial and it is a bit "of a gray area" as the title was not passed correctly and the clause about the USPC code.
Now I don't know what to do. I definitely don't want to take another contract on this home. I offfered to finace him at 8% but he won't take it now. Should I give him the $3000 so he moves out; should I sue and pay a ton of money to a lawyer AND risk a judgement against me, should I buy some land and drill a well and risk twice the money - or should I just shoot myself now?
It seems to me that we both signed a comtract in good faith, even though it was not legally right - I lived up to my part, he didn't. Now he has been squatting in my home for a year, making no payments, while it keeps declining in value. Seems no one legit wants it or wants to mortgage it - it is worth way less that the $22,000 I paid off on it and it seems it is getting impossible to get anyone to fiance SWs anymore. Plus, there's a rumor the park it's in is closing and there are almost no parks that allow absentee landlord rentals.
So, I have a bunch of questions for my first post -I just discovered thgis board. How do I find a real estate attorney who actually understands Mobile Home statutes, because so far, not one, including the judge, did. And what is the best way to dispose of the thing? Seems the loans for SWs in parks have dried up and blown away...
Appreciate any ideas to help out....
I am not familiar with Missouri law, but the first thing I would do is follow the eviction proceedings for your state and get the ball rolling. Mobile homes are titled like vehicles and you should have it in his name with yourself as the lienholder. I would go to your title office (DMV) and find out the steps neccessary to get the title back into your name. Also check out the repossession laws in your state. If he then decides to sue you, it will most likely be in small claims court and you don't neccessarily need to get a high priced attorney. By all means get started and don't let him bully you with frivolous crap.
Good Luck,
Shawn(OH)
If your name is on the title as a lienholder, or you didnt hand him over the title, take some pictures of the mobile and email me. I may have an exit strategy if it isnt completely ruined.
Thanks,
Kyle
KyleGatton@Hotmail.com