Was lied to, now stuck with a house

spinladyjenn · Joined: 28 Aug 2008 Posts: 1 1.51 Dollars($)

We bought a lot and a modular home to place on it. The seller verbally informed us that a modular home would be allowed on the lot. 10 months down the road we received a letter from the sellers attorney to halt construction as the neighborhood restrictions did not allow modular homes. We never saw the restrictions until our attorney pulled them from the courthouse. Tried to get the other lot owners to agree, all but one did. Now we are trying to sell the home but it is damaged due to setting on the delivery trailers. Also having a hard time just finding a lot to place it on and sell it that way. Thankfully bank has agreed to work with us as we make ALL our payments on time. But this is costing me over $1200 a month in interest. We can't sue b/c it would cost us too much and we don't have any extra money to work with. I am considering walking away. As my credit is good, all payments on time, I am wondering how this would affect us when we try to buy a home later. I would rent for about 3 years and pay off all debt and should be able to save about $70,000 in that time. Ideas, opinions, advise????

Guest 0.10 Dollars($)

See if you can get a variance from the city. I'm sure thay may be reasonable to your special situation.

brian1 · Posted: Thu Aug 28, 2008 4:37 pm Post subject:

If it wasnt in writing likely not much you can do?
If it was I would seek out a RE attorney.

Good Luck
Brian

0.10 Dollars($)

We are not in city limits. Just the county.

sara · Posted: Sat Aug 30, 2008 2:17 am Post subject: RE:

Hi spinladyjenn,

I guess the modular home construction is complete, isn't it? otherwise how would you sell it. Do you intend to rent the lot for 3 years and then sell it?

It's good that you have been making payments on time, but your credit would certainly get the hit if you simply walk away. And walking away without making payments would obviously affect your credit. If the construction is over, I would suggest that you rent out the modular home and keep making payments using the rental income.

Take Care

All times are GMT - 7 Hours

Page 1 of 1