Expert: Sue Bernstein - 8/23/2006

Question
In 2000 we purchased a 1974 manufactured home.  We were led to believe at that time we would be able to refinance the home later on down the road. Now we find out NO banks will refinance a manufactured home this old.  Is there anything we can do about this?  Can we take the seller to a small claims court? If so how would I go about doing so? Thanks for any help you can give me.  

Answer
I am guessing that when you purchased the home in 2000 you paid all cash. Who told you that you would be able to re-finance the home?  I am not sure but it is very possible that the statute of limitations has passed and you may no longer have the ability to take anyone to court. If you have not passed the statute of limitations you just go down to the courthouse and they should be able to instruct you how to go about the process.  I also would do a lot of research and find out if there are lenders out there who do this type of financing. I'm not so sure you won't find a lender out there that does non-conforming types of loans. I would start by questioning several lenders on this site and I would specifically try to find ones that are from your state.  I wouldn't give up just yet.

I hope this helps and good luck.

Sue Bernstein