We Are Buying A 5+3 Mobile Home From A Family Member. They Are Charging Us Interest And We Are Getting Cheated

by admin on July 17, 2009

I do not want to pay anymore the 10% interest that I am being charged on a mobile home we are buying from a family member. It is unfair that they would charge us and make money off of us. We have not paid in several months now and they want to get us. Can we sue them and stop this?

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{ 7 comments… read them below or add one }

Mopar Muscle Gal July 17, 2009 at 3:21 am

they will take you to court to stop you from living there

Dr. Knowledge July 17, 2009 at 3:58 am

Your family member had to use his/her money to buy this 5/3 MH and he/her could have invested that money and got a return of 10%. Is it fair that they lend you money for free and lose money for themselves. What have you done for your family member that may have caused this. Maybe you haven’t done anything and that’s the problem. Always needing and never giving.
Just think of it this way if you bought it from the bank what would they do.
1. ask for a down payment (did you pay one)
2. Credit checks and income verification (did you go through this)
3. Interest payment for the loan
Stop crying and pay the family member their money and be thankful for the help. You may need it in the future and it sounds like you’re doing a good job at burning the bridge.

Michael K July 17, 2009 at 4:53 am

Duro is right, you made the deal, you have an obligation to stick to it. Suing isn’t going to change the facts, and you will lose the lawsuit. If you can borrow the balance from your bank or credit card company at a cheaper rate, do so, and pay the family member off.

Robert P July 17, 2009 at 5:39 am

I agree wit EAAduo. Assuming you made some kind of agreement to begin with you knew in advance what the interest and terms of the agreement were. You should never have signed it if you had misgivings and probably, at that time, might have negotiated better terms but you didn’t. Haven’t paid in several months and YOU want to sue THEM? If the law gets involved I bet it will be with an eviction notice and then you will have lost everything you already paid and still not have a house. Grow up and meet your committment.

starting over July 17, 2009 at 6:24 am

You are living in their home, you agreed to the interest rate. You have not paid them in several months and YOU are getting cheated?!?!?!
You need to get a firm grip on reality, they are getting cheated not you. And if you can’t afford to pay you bill, how can you afford to sue?

EAA Duro July 17, 2009 at 6:41 am

You are not getting cheated. They are getting cheated. You haven’t paid on it for several months and you agreed to pay. Become a responsible adult and do what you say you are going to do. There are no free lunches in this world. You must pay to live or face the consequences.

upside down July 17, 2009 at 7:27 am

You will not a win a lawsuit if you have already signed a binding contract to pay 10% interest. It’s too late to negotiate now. Your option is to refinance on your own or reneg on your agreement and move.
Your family member is on the hook for this debt. Doesn’t your word mean anything to you?

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