[kimmygirl2005]

I'm considering selling my manufactured home (currently in a manufactured home park) through a program called Trade-In Trade-Up. Basically this program buys your home at market value (which is much more than I've been offered - it's been on the market for two years with no potential buyers) and gets you into a new Lombardo home. I was wondering if anyone has used this program, or if anyone is familiar with Lombardo homes - are they of good quality? Anyone have any experience with these homes or the Trade-In Trade-Up program? My only other option is to buy property and move the manufactured home on it. Any advice would be most appreciated.

[dontgothere]

Sorry- I'm not familiar with Lombardo Homes- Are these by chance the fancy, multi-story manufactured homes that don't LOOK like manufactured homes? If they are, my advice is as follows: (I am NOT a lawyer, but have "been there, done that" to a point) Get out from under your mobile home any way you can- even if it means taking a bit of a loss. If you do choose to go with another manufactured home of any kind, put it on your own land on a foundation or basement- It will not depreciate as quickly, though will not hold value as well as other homes. If you have to sell, you will have better luck this way. Also keep in mind that a mobile or manufactured home loan is like a credit card purchase- Watch that interest, penalties for early pay-off?-(Not even bankruptcy can get you out of it.) Compare the prices they quote you with their homes listed with OTHER realtors Always beware of a deal that sounds too good to be true... It usually is. Watch the paperwork carefully on "deals" like this. Best thing to do is ask for copies of paperwork to reveiw for a week or so before you sign your life away. It is worth a small fee to take them to a real estate lawyer, who can explain things to you without bias. Many companies will explain what you are signing if you know what to ask, but keep in mind their true goal is to make the sale final. When you do sign, read all and make sure they are the same papers you had your lawyer reveiw. Good luck to you

[Driller1]

If you buy property, and need site improvements, do them yourselves. Wells and septic systems handled by the home places are a deal made between them and the contractor. You WILL be the loser! Suppliers sell sub-standard supplies for these jobs. Oh, they will pass code, for a year or two. Buy the home, never the "package".

[Jen Cosco]

The lending industry (Fannie Mae / Freddie Mac) has put several limitations in place regarding manufactured homes and lending. Because it's so much harder to get a conventional mortgage for a manufactured home now, it's made it very difficult to sell this type of home in today's market. (You've probably already experienced this with your current home) In my experience if it sounds too good to be true - it probably is. I would definitely do your homework before moving forward. I would think your first step would be to find out if the Lombardi homes are modular or manufactured. Here's how to tell the difference...

Modular Home
A modular home, unlike a manufactured (mobile) home, is a home that adheres to the same construction codes as a site-built home. Modular homes are typically constructed at a manufacturing plant or facility, in 3 or more pieces, and then transported to a permanent site on a flatbed truck to be assembled on a permanent foundation. Modular homes are often confused with manufactured homes. Manufactured homes are built in a controlled setting, typically a manufacturing plant or a factory and are transported in 1 or 2 pieces (single or double-wide) on a permanent steel chassis, to a location using its own wheels. Manufactured homes always have a data (HUD) tag. Modular homes resemble traditional single family homes and, unlike manufactured homes, do not have a HUD tag

Manufactured Home
A manufactured home, also known as a mobile home, is a dwelling that is built to the Manufactured Home Construction and Safety Standards. Unlike a modular home, these standards are set by the U.S. Department of Housing and Urban Development (HUD). Manufactured homes are built in a controlled setting, typically a manufacturing plant or a factory, and are transported in 1 or 2 pieces (single or double-wide) on a permanent steel chassis to a location using its own wheels. Every manufactured home has a data plate (HUD Tag) that is readily accessible and visible, usually near the main electrical panel. The data plate contains information including: the manufacturing plant in which the manufactured home was assembled, the serial number and the date the unit was manufactured. Manufactured homes are often confused with modular homes. Modular homes are built from 3 or more pieces, assembled onsite, and built on a permanent foundation. Modular homes resemble traditional single family homes and do not have a HUD tag. It is far easier to get a conventional mortgage on a Modular or conventionally built home than a Manufactured home.

[vthumm]

My brother in law lives in Decora Park. Very nice homes---condominiums--- and no complaints. But, watch out for the interest rates in these programs. Other than that, I believe any offer these days is great!!! Take it! I personally love the three story home.

[metzley]

I'm almost at the end process with the Trade-In-Trade-Up program. We are purchasing a Centex home which was just bought out by Lombardo Homes. The house it's self is nice. The process is whole different story. I've been dealing with TITU since July of 2007. Of course everything was going along smoothly until this week, one week before we're set to close on the new house, and lo and behold TITU cannot work out a short pay with our current lender. Surprise, surprise!!! I was leery of the whole situation from the get go, but against my better judgment I decided to proceed with the deal. Now less than 5 days away from close on our brand new beautiful home, we can't get the "short pay" transaction settle. Very discouraging and frustrating. At this point, I don't what we're going to do. I'm literally sick over the whole situation. Oh and one thing that TITU won't tell you is that if your current lender for your mobile home does accept a short pay, it will show up negatively on your credit report. Bad News. I did some research on my own, a little too late, but found out that a "short sale" is one step down from a foreclosure on your credit report. Very scary!!!

[Bryan29]

Lombardo is a good name. They build all kinds of houses, a lot of which are site condo single family neighborhoods.

[detroitMi]

never heard of it

[emuchick]

I am looking at going through this process and would like to talk to you more about your experience. I had the feeling as well that this was "to good to be true" and we were also told we would have to do a short sale. Overall would you reccomend or are you still having problems?

[metzley]

Very sad to say, still having problems. Trade In Trade Up is unable to get our current mortgage company, Green Tree, to accept a short pay offer. From day one I incessantly asked TITU if they were certain that we'd be able to negotiate a short pay with GT. We were told they had a wonderful business relationship with GT and not to worry about a thing. Well eight months later and my family and I are living out of card board boxes as well as living with the uncertainty as to when we will be able to regain somewhat normalcy to our lives. Even if GT does accept the short pay, our credit score is likely to decrease. This is very scary to us and was never ever stated to us when this whole process started. We were supposed to be moved into our new house by now. We started this process back in July of 2008. I had reservations from the get go, I guess for good reason.

Even though we've been going through hell these past couple of weeks, I would recommend that you start the process since owning a home is a thousand times better than owning tin can and throwing away money on lot rent. Not to mention the price on the new homes has come down about 20k since we first signed up, so it’d be a great time to buy. Just be fore warned that the process will be lengthy and at times painful. I wish you all the luck in the world and hope you don't have GT as your current mortgage lender.