This is my house---don't get used to it! - Page 3
   

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This is my house---don't get used to it!

This is a discussion on This is my house---don't get used to it! within the General Off Topic Discussion forums, part of the Life Beyond Horses category

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        11-17-2013, 12:38 PM
      #21
    Showing
    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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        11-20-2013, 09:52 PM
      #22
    Showing
    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 don't 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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        11-21-2013, 05:08 PM
      #23
    Weanling
    Quote:
    Originally Posted by Saddlebag    
    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.
         
        11-21-2013, 06:21 PM
      #24
    Trained
    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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        11-21-2013, 06:41 PM
      #25
    Showing
    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 you and me.
         
        11-21-2013, 06:48 PM
      #26
    Foal
    Sounds like a rough situation....goodluck. /i hope yall get to build a nice new place
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        11-21-2013, 11:00 PM
      #27
    Weanling
    Quote:
    Originally Posted by Saddlebag    
    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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        11-22-2013, 12:23 AM
      #28
    Yearling
    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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        11-22-2013, 09:20 AM
      #29
    Weanling
    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
         
        11-22-2013, 09:35 AM
      #30
    Started
    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
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