I purchased my modular home in 2001 with a 3yr land-lease agreement, meaning for the first 3 year land lease payments are at a fixed rate. This made the home very affordable for a single mother and her two children. After the 3rd yr, my land rent increased by 25% which was approximately a $50.00/month increase to the rent. I also was notified that I would not be able to lock in another 3 yr term, the land increases would now come yearly. I've lived here for 10 yrs now and I pay $560.00/month just for the land rent and my mortgage payment is fixed at $766.00/month. I pay $1326.00/month to live in a RENTAL community. I was never told that the abandoned homes would be turned into low rent rentals. My lovely community has now turned into a trashy rental community. I no longer have nice neighboors who also care about the state of their homes. These renters leave trash out in their yards, fail to put their trash cans away after pick up day and no longer do I see a diligent community manager keeping everyone in line. I see a manger who could really care less about the state of disrepair our total community is in. I now have the choice of walking away from my home because I can no longer afford the HUGE land rent increases. In 2 yrs, my land rent will be more than the mortgage.
Do Not Ever Buy a home with HOMETOWN AMERICA! The biggest rip-off/scam in LONGMONT CO!
All I've been asking for since 2005 is to no longer increase my land rent yearly. I even requested a hardship after loosing my job in 2007 and stayed unemployeed for 18 months. They still denied my request for no increase. The greedy fat-cats could really care less about the "owners" of homes in their communities. They'd rather force the original homeowners out to rent them to "less than desirables".
Again - Do Not Ever Buy a home with HOMETOWN AMERICA! Rip-off, money hungry corporation that is forcing single mothers, low income seniors and young families from their homes in order to continue to line their wallets.
I plan to walk away from my home in the next 18 months if I can not find a buyer. I've had 2 cash offers but HOMETOWN AMERICA would not negotiate the land rent6 with the new buyer and the deals were killed. Thanks HOMETOWN!