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I am locked into a contract which I have vested approximatly…

Customer Question
I am locked into a...
I am locked into a contract which I have vested approximatly $20,000 into.
I contracted CMH (Clayton Mobil Homes) to set up a home on the land I rightfully
owned and was paying for. They agreed to pay off the balance of the land, set up the home, and combine the two into one mortgage. However, at the last minute, back out
of the final phrase of financing the loan. Which led to me loosing my first home, and now fighting to keep this one. I filed a chapter 13 to stop the forclosure, in which took
my credit score below the allowed amount for getting approval. This creditor knows this, and will not agree to pay us for the vested intrested in our land. 5.27 acres. How do we stop them from taking our home?
Submitted: 8 years ago.Category: Bankruptcy Law
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Answered in 12 hours by:
6/17/2010
Bankruptcy Lawyer: TJ, Esq., Attorney replied 8 years ago
TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12,806
Experience: JD, MBA
Verified
Hi. I'm confused about your situation, so I'll need some clarification.

What kind of contract are you locked into? Why did CMH back out of the contract? Did it have a right to do so per the contract? You say that the possible breach of contract led you to lose your first home, and now you're fighting to keep "this one." What does that mean? Which home is "this one," and how does it fit into the contract with CMH? What is being foreclosed on? The land, or the other home that you referred to? Are they the same? Why do you believe the creditor (CMH?) should pay you for your land?

As you can see, there are a lot of unanswered questions, but if you can provide some more information, I'll certainly try to help you as best I can.
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Customer reply replied 8 years ago

Let me clarify this, from the start I owned a home which I was paying an existing mortgage on, this is the 1st home I refer to. I also owned 5.27 acres of land, which was also being paid for monthly. During the process, I put my 1st home up for sale and looked into putting home on the land, this is where cmh came in, I solicit their services to contruct a home, on the land, they put together a package where they would pay off the existing balance on the land, contruct the home, and end process, pull contract for land and home together to make one mortgage. I agree, We sat down, process the the paperwork to get started, they paid off the remainder balance of the land, they contructed the home, in the process of doing so, I made sure my debt to in line with what the mortgage company requested so that there would be no problem with the approval of the loan. I even got a contract on my first home for someone to take over the payment, so my debt to racio would not pass the limit to qualify. I turned in all the necessary w-2, pc stubs, verification of employment, signed all paperwork required, it took me 6 months to do all this, and the final week, after working with the loan offer in turned told me everything is find, don't worry, came back and said the underwriter stated the loan was not approved because of the commut from my job to the home. also, after they done so, I had to return all fees that the occupants of the first home, leaving me futher behind in finances, the end factor is that I fell behind on

the payments on the first home, they back on the finances of the second home, which cause a forclosure on the first, which plummit my credit score, not I am in a dilima to get financing and now Im going to loose this home along with all the funds I invested...I dont know what to do at this point, Im in a chapter 13 to stop the forclosure, but to no avail at this point, I will loose everything..

Bankruptcy Lawyer: TJ, Esq., Attorney replied 8 years ago

Hi again. Thanks for the clarification. Unfortunately, if you cannot pay your mortgage, then the lender has the right to foreclose. However, a bankruptcy can help in two ways: (1) You do not have to pay your arrears upfront, and (2) it eliminates other bills so your money can be used to pay your mortgage. I’ll point out, of course, that you ultimately must be able to pay your mortgage. Not even a bankruptcy can help if you just can’t pay your mortgage. Unfortunately, I didn’t see anything in your follow-up post that indicates that you any legal recourse against any other party in this situation since you apparently didn’t already have a contract for the financing of the new house. Without a contract, the lender had no legal obligation to finance your endeavor. I truly wish I had better news.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

I regret that my answer is unfavorable, but please understand that it would be unfair to you (and unprofessional of me) to provide you with anything less than a truthful response. With that in mind, I hope that you found value in my answer. If so, then please remember to click the green accept button so that I will receive credit and compensation for my time. Positive feedback is always appreciated as well. Thank you and good luck!

DISCLAIMER: Please be aware that only an attorney licensed in your state is authorized to advise you in legal matters, and that the limitations of this setting may prevent your legal issues from being thoroughly addressed. Accordingly, please understand that (1) by answering your question(s) I am not acting as your attorney, (2) my answer(s) should be construed as general information only, and (3) our discussion is not an adequate substitute for an in-person consultation with an attorney.

 

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Customer reply replied 7 years ago
Im sorry for the long void in replying, however, I've been tied up in court with the same matter, which have not been resolved. Yes, there was a contract establish, from the beginning, Im sorry I didn't clarify that enough. A contract was sign, funds was dispered to have the home erected, and when it was time to do the final closing to be the land and home together in one final closing, the backed out.
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