Rent to own

[wellspring]

In 2004 I signed an agreement with a guy to purchase a mobile home for 28,000. My payments are 500 a month including interest. I gave him 5000.00 down. I now owe around 12,000.00 on it and it should be paid off in early of 2009. There were no papers filed in any court or mortgage company, it was a private deal, the only paperwork being that we both had our signatures on the paper notorized. The land on which the mobile home is situated belongs to New York State. It's not a park, it's just land that the state owns and the people who live there pay them 500 a year to lease the land. The land will never belong to me, just the structure. I told my lawyer about this because I wanted to be honest. When I spoke to the guy about my BK, (we are fairly close, him and his wife being like grandparents to me) he said I shouldn't have told the lawyer about it because there was no paper trail and I should have just told the lawyer that I was renting. Now what? Do I stand to lose the mobile? It's all I've got, the structure itself is only worth about 10000.00 and that's on the high side. I've seen them for sale for only 6000.00. I'm afraid if I ask my attorney to change it to rent, he will drop me as a client. Any advice on this? I haven't filed yet, just have the rough draft ready and need to sign the signature sheets.

[emoney]

You should seek and follow the advice of your attorney. From my prospective, why would you want to buy something for $12,000 that you say is worth much less that that?
Is that now what you are doing if you keep this trailer. This is a good reason on why not to buy house trailers.
regards,
emoney

[wellspring]

You should seek and follow the advice of your attorney. From my prospective, why would you want to buy something for $12,000 that you say is worth much less that that?
regards,
emoney

Because once it's paid for, I'm only responsible for taxes which run about 1200 a year (taxes) + the 500 a year lease payment to the state = 1700 a year to live there. The location is wonderful, right on the Canal, have a dock which goes over the water....a good place for my son to grow up. I don't make enough money to live anywhere else, except in less desirable neighborhoods....that's why I'm so worried that I might lose it now. I'm hoping that the 10,000 homestead exemption will apply.