need some advice

What is the name of your state? NY

I brought a mobile home 4 years ago.i paid 65,000 for it i put 40,000 down on it.Now i'm trying to get aloan on it and the banks, even my own bank that i have the mortgage with will not loan me the money.they say it's because i don't own the land.and another thing when i brought this home i didn't know that they lose there value.if i had knowen this i would have never brought this mobile home.My quesion is,Do i have any kind of case againest the dealer or the bank that i have my mortgage with for misleading me into buying this home? i would be greatful for any help that anyone can give me.thank you.

[HomeGuru]

[quote]Originally posted by sunshine2
[b]What is the name of your state? NY

I brought a mobile home 4 years ago.i paid 65,000 for it i put 40,000 down on it.Now i'm trying to get aloan on it and the banks, even my own bank that i have the mortgage with will not loan me the money.they say it's because i don't own the land.and another thing when i brought this home i didn't know that they lose there value.if i had knowen this i would have never brought this mobile home.My quesion is,Do i have any kind of case againest the dealer or the bank that i have my mortgage with for misleading me into buying this home? i would be greatful for any help that anyone can give me.thank you.

**A: you have no case whatsoever unless they put a gun to your head and forced you to buy.

[Souix]

There are companies who will lend on these homes, you just have to really hunt for them. Typically, though, the interest rate will be extremely high. You might try calling around to local realtors for the name and phone number of a lender who lends on these types of homes. Another alternative would be to remove it from the mobile home park and place it on its own lot attached by a permanent foundation. I have known people who have done this, they say its a pain - but they were actually able to finance it and/or sell it.

I agree with HomeGuru, you have no recourse against your bank or the dealer. Sell it and carry a contract. Is the loan thats on it now assumeable?

[HomeGuru]

Souix, on the real estate law general questions forum there is an Oregon homestead question that I left for you to answer being you're from Oregon.

[BrokerRE]

The first clue that you were in trouble was when you got a title for your house, not a deed.

You bought a car.

It's unfortunate, did you seek the advice of a professional in the field? A Realtor, or a Real Estate Attorney? I would say that when you're making a purchase of $65,000, now is not the time to save a couple hundred on attorneys fees.

Good Luck in all your future endeavors.

[HomeGuru]

So true.