This is my house---don't get used to it! - Page 5 - The Horse Forum

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post #41 of 272 Old 12-01-2013, 06:47 PM
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I do so hope that after completion of this project that the bank doesn't foreclose. You demolished their house and they may be quite happy to have to replace it then repossess.
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post #42 of 272 Old 12-01-2013, 08:17 PM Thread Starter
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Originally Posted by Saddlebag View Post
I do so hope that after completion of this project that the bank doesn't foreclose. You demolished their house and they may be quite happy to have to replace it then repossess.
I hope not too, although... Well, obviously I am not great on the law thing, or the original house would still be standing, but the mortgage is paid up until next summer, so... But anyway, if the bank does not come through the rebuilding is coming to a screeching halt, as we are almost at the end of our personal resources. Bit of a nail biter for us!
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post #43 of 272 Old 12-02-2013, 08:08 AM
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I do so hope that after completion of this project that the bank doesn't foreclose. You demolished their house and they may be quite happy to have to replace it then repossess.
Well, the house didn't belong to the bank, they have a loan secured on the property which consists of land and buildings.

A bank doesn't act out of revenge, but only in the best interests of their money. While the payments are being made the alarm bells aren't ringing.

It is quite possible that the bank will loan the OP the money needed to finish the project, particularly if that is clearly the best way to make the security on the existing loan more valuable.

It's all a numbers game and I am now rooting for the OP!
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post #44 of 272 Old 12-02-2013, 11:26 AM
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Banks cannot forclose on a property that has payments made in advance. They only forclose on properties that the owner has not made payments on.

Did the bank know that the insurance company refused to insure the property any longer due to the issues with it? If so then you really shouldn't have any problems with them, but did you apply for a construction loan with them that you are waiting for approval on and have the original loan?
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post #45 of 272 Old 12-02-2013, 01:58 PM Thread Starter
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Originally Posted by ladygodiva1228 View Post
Banks cannot forclose on a property that has payments made in advance. They only forclose on properties that the owner has not made payments on.

Did the bank know that the insurance company refused to insure the property any longer due to the issues with it? If so then you really shouldn't have any problems with them, but did you apply for a construction loan with them that you are waiting for approval on and have the original loan?
Yes, that is exactly right. And we met with them this afternoon... well, it was not real pretty. Apparently our land has ost half of it's value, as has our whole community, since we bought it, so... the loan they can do is really small.
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post #46 of 272 Old 12-02-2013, 06:21 PM
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I'm sorry about that - so your house plans have to shrink?

I hope you can see a way through it all.

How frustrating for you that the problem now is not of our causing, nor can you influence it. Look at the long term now if you can; property values will eventually go up!
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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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post #47 of 272 Old 12-03-2013, 08:46 AM
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Originally Posted by Captain Evil View Post
Yes, that is exactly right. And we met with them this afternoon... well, it was not real pretty. Apparently our land has ost half of it's value, as has our whole community, since we bought it, so... the loan they can do is really small.
I was afraid of that. Everyone's properties it seems have lost value. I would take what you can get from them. Can you or are you doing any of the work yourselves? If so call around to sawmills/lumber yards instead of going to the home depot and lowes for the wood.
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post #48 of 272 Old 12-03-2013, 01:38 PM Thread Starter
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Originally Posted by Shropshirerosie View Post

It's all a numbers game and I am now rooting for the OP!
Hey, thanks!

Yesterday was pretty depressing, that's for sure, and to be honest, even though it was totally our fault, the banker did lead us on a bit... "Your credit is good with us" "Should be no problem" "We know you can make the payments" and when we went in with the initial loan request, "Doesn't look like enough... make sure you add 20% for things you can't plan for..." And then, he coughed up with about half of our first request.

Still, we shouldn't have knocked the house down. That's just the truth.

HOWEVER!!! We have the most awesome business banker, and it looks like... it just might be... that he will see his way clear to refinancing some business stuff to make up most of the difference. We'll find out tomorrow.
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post #49 of 272 Old 12-04-2013, 11:54 AM Thread Starter
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Have you ever gone out to the Port-A-Pottie in the early morning, with workmen all over the place, discover too late that you are out of toilet paper, and have to call your husband on the cell phone to bring out some more, only to have him announce to everyone there what he is doing? I have.
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post #50 of 272 Old 12-04-2013, 12:18 PM
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Have you ever gone out to the Port-A-Pottie in the early morning, with workmen all over the place, discover too late that you are out of toilet paper, and have to call your husband on the cell phone to bring out some more, only to have him announce to everyone there what he is doing? I have.

That is when you wait for him to go out there and then start shaking it and yell earthquake. LOL
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