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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 15, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Commission File No. 333-58995
Mid-State Homes Inc.
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(Exact name of registrant as specified in its charter)
Florida 59-0945134
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(State or other jurisdiction of incorporation (I.R.S. Employer or
organization) Identification No.)
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c/o First Union National Bank, 230 S. Tryon Street, 9th Floor, Charlotte, NC 28288-1179
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(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code (704) 383-9568
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(Former name or former address, if changed since last report.)
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes X No
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
(a) See the quarterly Payment Date Statement attached hereto reflecting
the required information for the MARCH 1999 payment to the Mid-State Trust
VII 6.34% Asset-Backed Bonds.
PART II - OTHER INFORMATION
Item 1. Exhibits
(a) Quarterly Payment Date Statement of Mid-State Trust VII 6.34%
Asset-Backed Bonds relating to the MARCH 15, 1999 Payment Date.
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SIGNATURES
Pursuant to the requirement of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
First Union National Bank, as Indenture Trustee
And on behalf of Mid-State Trust VII
Date: April 14, 1999 By: /s/ ROBERT ASHBAUGH
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ROBERT ASHBAUGH
Vice President
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FIRST UNION LOGO Mid-State Trust VII Record Date: 3/12/99
6.34% Asset-Backed Bonds Prior Date: N/A
Payment Date Statement Distribution Date: 3/15/99
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Original Beginning Ending
Certificate Certificate Certificate Total Certificate
Class Cusip Rate Balance Balance Interest Principal Distribution Balance
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A 595498AA4 6.340% 313,488,000.00 313,488,000.00 7,397,968.48 6,738,263.74 14,136,232.22 306,749,736.26
Factors per
Thousand 23.59888889 21.49448699 45.09337588 978.50551301
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Totals 313,488,000.00 313,488,000.00 7,397,968.48 6,738,263.74 14,136,232.22 306,749,736.26
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First Union National Bank Robert Ashbaugh
Structured Finance Trust Services Vice President
230 South Tryon Street, 9th Floor Phone: 704-383-9568
Charlotte, North Carolina 28288-1179 Fax: 704-383-6039
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Record Date: 3/12/99
[FIRST UNION LOGO] Prior Date: N/A
Distribution Date: 3/15/99
MID-STATE TRUST VII
6.34% ASSET-BACKED BONDS
PAYMENT DATE STATEMENT
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SCHEDULE OF REMITTANCE
Collections as of the end of the Related Due Period 14,177,482.56
Investment Earnings 106,503.22
Available Funds 14,283,985.78
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FEES
Servicer Fee 498,705.00
Trustee Fee 5,877.90
Standby Servicer Fee 3,143.26
AMBAC Fee 133,232.40
Owner Trustee Fee 5,500.00
CT Corporation 0.00
Carlton Fields 0.00
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147,753.56
COLLATERAL INFORMATION
Aggregate Beginning Economic Balance of Loans 335,281,286.47
Aggregate Ending Economic Balance of Loans 328,674,463.47
Collateral Deficiency Amount (28,531,550.21)
Cumulative Actual Net Economic Losses 184,201.96
Minimum Target Overcollateralization 63,269,834.22
Optimal Principal Amount 6,738,263.74
Issuer Release 0.00
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Economic balance as of the end of the related Due Period
of Accounts as to which there is a material breach of any
representation or warranty or as to which there is a material
defect in the related Account Documents: N/A
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<S> <C>
First Union National Bank Robert Ashbaugh
Structured Finance Trust Services Vice President
230 South Tryon Street, 9th Floor Phone: 704-383-9568
Charlotte, North Carolina 28288-1179 Fax: 704-383-6039
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[FIRST MID-STATE TRUST VII Record Date: 3/12/99
UNION 6.34% ASSET-BACKED BONDS Prior Date: N/A
LOGO] PAYMENT DATE STATEMENT Distribution Date: 3/15/99
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Outstanding Balance $335,281,286.47
# Accounts 5,556
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Delinquent Infor. # Loans Amount
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<S> <C> <C>
Delinquent 0-30 Days 5312 809,212,888.67
Delinquent 31-60 Days 54 9,203,114.48
Delinquent 61-90 Days 33 5,084,838.65
Delinquent 91+ Days 83 12,433,616.50
Loans in Foreclosure 0 0.00
REO Property 3 121,208.11
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First Union National Bank Robert Ashbaugh
Structured Finance Trust Services Vice President
230 South Tryon Street, 9th Floor Phone: 704-383-9568
Charlotte, North Carolina 28288-1179 Fax: 704-383-6039
