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States Contend With 'The Underbelly of Real Estate'
Stateline: To Fredie McKinney, buying the mobile home seemed like a great idea. It was big enough for McKinney, his wife and his elderly mother. The fenced 8-acre property in Harwood, Texas, was perfect for their dogs and horses. McKinney only had to pay $500 to move in, two years ago, with the understanding that after paying the developer $1,000 a month for 25 years, he’d own the property.
At least, he says, that was the plan. Now the developer is demanding McKinney pay back taxes owed under the contract — money 68-year-old McKinney says he shouldn’t have to pay— and county officials say the entire subdivision may be illegal.
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