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What is this amount that we owe?
We purchased a new Mobile Home in 1999 and after the lot improvements owed 38 thousand dollars. Been paying 389 dollars a month for nearly 15 years, how is it that we still owe 38 thousand?
Own the property and the interest I am told was 9%. I should demand to see all that paperwork from that finance company for sure. But it does not sound right to us. Does it to you?
It was a 30 year mortgage
Have to dig out those other papers. I am 70 and just really want to know whats up
2 Answers
- Steve DLv 78 years agoFavorite Answer
Check your purchase agreement - is the $389 lot rent plus interest only on the loan? What were the terms of the loan (years/interest, etc.).
- ?Lv 58 years ago
Well if you've been paying $389 a month for 12 years, then you should have payed off about $70,020.
Source(s): Math
