This is my house---don't get used to it! - Page 3 - The Horse Forum
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post #21 of 272 Old 11-17-2013, 01:38 PM
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Who is to say you can build on that land? I hope you don't find your hinies in court for destroying someone else's property.
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post #22 of 272 Old 11-20-2013, 10:52 PM
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That's a really scary situation to be in. It seems like you put the carriage ahead of the horses on that one. I would have waited and confirmed with the banks first before taking anything down. Hopefully you dont get into some law troubles if things turn out to be even more complicated than you initially thought.
Hope to hear a positive update :)
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post #23 of 272 Old 11-21-2013, 06:08 PM Thread Starter
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Originally Posted by Saddlebag View Post
Who is to say you can build on that land? I hope you don't find your hinies in court for destroying someone else's property.

Well... an update. We still have no real idea what is going to happen. Our hinies may well be in deep doo doo, but, we shall see. This is our house being demolished...

DSC_5538.jpg

And this is what we have there now...

DSC_5557.jpg

We are paying for the current work out of pocket, and are hoping for the best.
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post #24 of 272 Old 11-21-2013, 07:21 PM
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Good good GOOD luck! Fingers crossed that you get all the money, permits and weather that you need to get this done!
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post #25 of 272 Old 11-21-2013, 07:41 PM
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I'm thinking, if the bank owned the house, it owns the land. Now that the house is demolished they may opt to put the land on the market to the highest bidder. There's an old expression "to assume - makes and a** out of u and me.
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post #26 of 272 Old 11-21-2013, 07:48 PM
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Sounds like a rough situation....goodluck. /i hope yall get to build a nice new place
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post #27 of 272 Old 11-22-2013, 12:00 AM
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I'm thinking, if the bank owned the house, it owns the land. Now that the house is demolished they may opt to put the land on the market to the highest bidder. ...
That's what I'd be worried about, too.
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post #28 of 272 Old 11-22-2013, 01:23 AM
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Looks like a lovely little plot of land!

I do hope the bank approves of the loan. As Saddlebag mentioned, I would hate for them to take the property.
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post #29 of 272 Old 11-22-2013, 10:20 AM Thread Starter
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I don't think they will do anything too drastic. They own the house, but we do too, and we have pre-paid the mortgage up through the summer. They aren't too happy, but ... well, we'll see. Right now we are spending our days in the shop, and I feel like a member of the French Resistance, huddled around the oil drum fire, developing plans and strategies. Here is the most important feature of my life right now...

DSC_5573.jpg
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post #30 of 272 Old 11-22-2013, 10:35 AM
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Good luck!

Whilst this situation is ermmm unusual, it's a fairly simple equation for the bank:

If they believe that you will in a timely fashion competently build a new house that will result in a total value of the land and buildings at more than the total debt...

And if you continue to make your contractual regular payments

.....then their best decision will be loan the money.

If they consider that their money is looking less secure by the day, that you will not or cannot build well enough to add value to the land...

And if you default on your payments....

Then they would make a decision to cut their losses and foreclose on their mortgage and sell the plot.

It doesn't sound as though you have got to that stage yet and so I wish you luck with the construction plans. I bet your poor bank manager is wishing that he had more conventional customers who don't cause him these 'doesn't fit in the boxes on the computer' forms

Get up, get going, seize the day. Enjoy the sunshine, the rain, cloudy days, snowstorms, and thunder. Getting on your horse is always worth the effort.
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