In the spring of ‘75 I received a larger income tax refund than I had expected so I thought it would be a good idea to buy a mobile home and use the refund as a down payment. I bought a new 12”X60” 2 bedroom 1 bath mobile home for $5600.00. It was in a “family park” with no age restrictions. I believe the space rent at that time was $80.00 per mo. with the utilities separately metered. The payment for 12 years was $102.00. When I received the huge manilla envelope with two thick payment coupon books and it hit the kitchen table with an ominous thud I was already disenchanted with living in that mobile home park.
I was only 24 and had this MH payment, a car payment, washer and dryer payment, a Bankamericard and Master Charge (this was pre VISA and Master Card) both maxed out and to top it off a Mervyn’s acct. too! I felt like everything I earned was already spent before I even received it. Plus I hated the park. Rules, rules and more rules and neighbors that I had nothing in common with.
The stress got to me and my blood pressure went sky high. I was a Cosmetologist working on commission, and my income fluctuated. The doctor put me on disability. While on DIB I met someone that I entered an ill fated relationship with and moved in with him.
I went into Bank of America, they held the loan on the MH and I voluntarily surrendered the MH to them. The only time in my life before or since that I ever walked out on a debt. That voluntary repossession stayed on my credit record for 7 years and taught me a valuable lesson. And the relationship ended almost as quickly as it began, also a lesson learned. Within 3 weeks of moving in with him I knew it was a BIG mistake. So I rented a Uhaul and moved out bag and baggage and went back to work and rented a little cottage.
I set about paying off ALL of my debt, beginning with the acct. with the lowest balance first, then the next lowest balance acct, and so on until finally in 2 years I was debt free. I even bought an older used ‘67 Buick Skylark after selling the ‘74 Chevrolet Nova getting rid of the remaining 18 mo of $139.00 payments. Because of the repo I had to get a 12 mo. loan from Household Finance for the Skylark with $40.00 a mo. payments and I had it paid for in 6 mo., paying extra on it each month. I never made that mistake again.
We paid off our mortgage 11 years ago and have been totally debt free since then. We use our credit cards, but payoff the balance in full every month, paying no interest. It sure is nice to go to bed every night and know that we don’t owe a cent to anyone.
So, in conclusion, the MH would have probably been a good decision had I not already had so much other debt and if I had moved the MH into a park that was nicer and also had I been more mature and better able to adjust to the many rules. Ya live and ya learn. The MH itself was nice enough, the setting not so much.
Eddie
[this post was last edited: 6/10/2021-18:34]