Bonnie Beechler

Our company has a Rent to Own program for mobile homes in a residential park setting. Since the company I work for owns the park, it has a good control over the situation. The 'renter' pays a minimum down payment, and makes payments per month amortized over a period that will allow the payment to best fit his financial situation. In addition to that payment, there will always be a lot or space rental, which includes water, sewer, trash pickup and snowremoval. The 2 amounts equal his monthly payment, and must fit his debt to income ratio. At the end of the term of amortized payments, he owns the mobile home. We are VERY forgiving for bad credit with this program, and it is a wonderful way for someone who has really gotten down on their luck to get back into a home of their own. It can be a positive thing, or it can be (and has been) abused. If the 'renter' does not pay, the company evicts and we then fix up and re-sell the homes. Obviously, the park ownership factor eliminates a lot of risk that a typical single-family home owner would have. - Tue Jul 22 2008, 12:54