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Post by here to stay on Jun 29, 2018 16:31:09 GMT
willowgirl, hi. I have been looking at this thread because I so want you to get your dream. Then I had a terrible time remembering my log on info. If you have provided a copy of the land contract and a scattering of bank statements confirming that amount has been regularly deposited, I can't think why the bank would not approve it unless they decided the capital return is not income and, having removed it from your income stream, the interest is not sufficient for their standards. But then your capital balance goes up by the same amount and can act as a surety if the balance of all your capital is then sufficient to cover the loan. Does the new place have a house on it? If so then I ask think the equity on your current house, the one on land contract and whatever else you own makes a difference. Anyway I just swooped in for a bit to wish you success. When I bought built my current place, the planning department had me in tears several Times But it did work out and was worth all the heart aches. Good luck.
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Post by willowgirl on Jun 30, 2018 3:07:07 GMT
Honestly I think this bank just isn't too swift! The banker repeatedly referred to the "rent" I was receiving on my Michigan house, and I corrected him that it isn't rent but mortgage payments. Then I had to explain why I only pay income taxes on part of the amount (because I don't owe taxes on the portion applied to the principal). Later the underwriter demanded proof that the taxes on that house have been paid (they have), which I thought was a little weird as those are the responsibility of the buyer. (I clarified that in my email to the banker today.) I had a message from the banker saying he received my email and had forwarded it to the underwriter and would let me know the outcome, but I didn't hear anything by close of business.
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Post by Deleted on Jun 30, 2018 12:08:40 GMT
Honestly I think this bank just isn't too swift! I had a message from the banker saying he received my email and had forwarded it to the underwriter and would let me know the outcome, but I didn't hear anything by close of business. Sooooooooo frustrating for you!!! Sometimes banks can be unreasonably pedantic, can't they? Hoping that someone gets a rocket up their nether regions and gets this finalised so you can get on with the big move.
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Post by dustawaits on Jun 30, 2018 12:28:09 GMT
Have you tried Farm Credit? I think they are easier to deal with on land..
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Post by willowgirl on Jul 1, 2018 10:37:09 GMT
Farm Credit wouldn't work with us either, said my income was too low. It's frustrating because I can show that I have more than $12,000 in land contract pyts that have been piling up in a bank account because I didn't want to put any more money in the stock market and didn't have any other use for it really. Also, I make the full allowable contribution to my IRA each year (and it's $6,500 now that I've hit 50). It seems obvious that if I can swing a $6,500 contribution, I could afford a $458-a-month mortgage payment ... grrrr.
Yeah, my income is low, but that's because I haven't needed to earn any more than I do ... I'm super-frugal and have no debt. I can see why banks probably don't like this!
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Post by mollymckee on Jul 3, 2018 3:58:56 GMT
Is there any possibility the owners would finance the property? If you printed out how much more they would make and showed them your credit score? I don't know ow much is in your retirement fund but there was a way to buy property and put that in the retirement account,. Part of the problem is that it is really hard to get financing on land without a residence.
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Post by mollymckee on Jul 3, 2018 4:19:27 GMT
Is there any possibility the owners would finance the property? If you printed out how much more they would make and showed them your credit score? I don't know ow much is in your retirement fund but there was a way to buy property and put that in the retirement account,. Part of the problem is that it is really hard to get financing on land without a residence.
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Post by Melissa on Jul 3, 2018 13:31:37 GMT
willowgirl, An amazing number of people really don't understand Federal Taxes. The amount of misinformation is unbelievable. So I am not surprised the banker didn't either...
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Post by comfortablynumb on Jul 3, 2018 23:57:18 GMT
If there was a tiny car driven by a clown, this would make a good circus act.
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Post by willowgirl on Jul 4, 2018 5:39:20 GMT
Today the bank says they're green-lighting the loan after all. Go figure! I'm waiting to get something in writing (after the holiday, I guess). I'm relieved but this whole process has been soooo nerve-wracking! Ha,,,,,I figured if we spent the weekend putting hay in the Hookstown barn, the deal would go through. LOL! Well, we moved it once; we can move it again, I guess.
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Post by Deleted on Jul 4, 2018 7:21:23 GMT
Today the bank says they're green-lighting the loan after all. Go figure! I'm waiting to get something in writing (after the holiday, I guess). I'm relieved but this whole process has been soooo nerve-wracking! Ha,,,,,I figured if we spent the weekend putting hay in the Hookstown barn, the deal would go through. LOL! Well, we moved it once; we can move it again, I guess. I'm so very happy for you Willowgirl - that's simply wonderful!!!
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Post by Melissa on Jul 4, 2018 13:30:15 GMT
Awesome!
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Post by Mari-in-IN on Jul 4, 2018 14:07:28 GMT
Fantastic news willowgirl, breathing a sigh of relief for you - and the girls!
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Post by willowgirl on Jul 4, 2018 14:32:41 GMT
We have been put through the wringer for sure! The good news is the cows have been oblivious to all of the drama. Shady turned herself out with the rest of the girls last week after deciding to wade through the water tub that separated their paddocks. (I've come to realize she is probably a little smarter than the average cow and that's something I need to keep an eye on.) She's getting along great with the rest of the herd and is usually leading the charge at feeding time. Since Christine passed away last year, there has been no clear 'leader,' and interestingly, Shady seems to be stepping into the role. Who'd-a thunk it?! Although I've noticed the girls' personalities sometimes change a bit in retirement. Roz was always a sweet, calm, matronly cow in the milking string, but after pairing up with Snowy, she turned into a real goofball, and now is nearly as flighty and silly as Snowy is! Those two like to scamper around and they're gonna have a great time when they have nearly 8 acres to explore.
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Post by aoconnor on Jul 4, 2018 16:19:11 GMT
Wonderful news!!! Iโm so happy for you all๐๐๐
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Post by feather on Jul 4, 2018 16:29:41 GMT
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Post by willowgirl on Jul 6, 2018 2:40:49 GMT
Thanks everyone! We are shooting for a July 17 closing if nothing else goes wrong, lol. I'd just like to add to this saga that at the 11th hour, when it looked like the bank was going to fish out, a kind person stepped forward and offered to loan us the money. This person asked that I not mention their name, and of course I'm respecting their wishes, but I wanted to share this news in hopes that it might encourage someone else who might be facing a situation that looks hopeless. Don't give up! Sometimes something amazing happens right out of the blue. There are good people in this world! And ... we all have an opportunity (large or small) to tip the scales of the universe in the direction of mercy and justice ...
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Post by aoconnor on Jul 6, 2018 12:22:52 GMT
Thatโs a wonderful story Willowgirl! What a kind and generous offer, and hoping it all goes perfect!!
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Post by willowgirl on Jul 8, 2018 15:57:39 GMT
Well the bank is still giving us fits, LOL, but it's nice to know we have a Plan B in our back pocket, so to speak. I'm counting down the days ...
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Post by comfortablynumb on Jul 12, 2018 0:39:49 GMT
So far, so good. Unless something mind bogglingly stupid is done by someone in the bank that is.
It won't surprise me.
But... My neighbor said he will do the brushhog work and deliver all the hay we need. So that's done.
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Post by willowgirl on Jul 15, 2018 12:58:47 GMT
Tomorrow, we *should* have a closing date! It was supposed to be Tuesday, but on Friday it became apparent there had been a miscommunication between the bank and abstract company, and the final numbers weren't ready yet. My realtor advises that we may be able to get things back on track, or it might be necessary to delay for a few days. NBD, I guess! I haven't called the hauler to schedule a transport date just yet. I'd love it be next Saturday, as I have a good bit of time off the following week and I'd love to spend it out at the property, watching the girls grazing while I'm painting that barn! Numb was busy assembling puzzle pieces while I was working OT last week. He lined up hay delivery, brushhogging (if cow teeth prove insufficient for the job), someone to tear down the old mobile on our current property (I think it will sell better as a clean building site rather than with a run-down trailer on it), even someone who may be interested in buying my 2 old Volkswagens! (Those were a dream from another chapter of my life; it's time to move on now.) We are going to have a few hard months ahead moving everything stored at our current property and getting it ready to put on the market, but once it's been sold, we should be debt-free again or very close to it, and the girls will be much happier in their new home. And I should never have to worry about seeing one of my "pets" sent to slaughter again.
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Post by mzgarden on Jul 15, 2018 20:24:42 GMT
I am just thrilled for you!
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Post by willowgirl on Jul 16, 2018 12:55:28 GMT
Thanks! Looks like the closing is gonna be 10 a.m. Friday. We'll be there, lol.
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Post by willowgirl on Jul 17, 2018 2:32:11 GMT
Nope, now it's been pushed to a week from Thursday ... grrr.
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Post by countrymom22 on Jul 26, 2018 0:37:32 GMT
Just got caught up with this saga. Wow! You and Numb have been put through the wringer! If I figured your time line correctly, I think you should be closing tomorrow. Good luck! Let us know when the deal is final.
Keeping you both and your girls in my prayers!
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Post by comfortablynumb on Jul 26, 2018 0:52:40 GMT
Monday... someone somewhere misplaced or forgot they had some piece of paper that more than likely they neither need want or will ever read.
So yeah... monday. Well, that's the current plan.
So goes the constant bait and switch paperwork of a WV bank.
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Post by willowgirl on Jul 26, 2018 11:32:21 GMT
Yesterday the bank called my employer (again) to verify that I still worked there. They are surely not taking any chances!
Unreal ...
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Post by Melissa on Jul 26, 2018 17:06:53 GMT
Just keep working until Monday!!! lol
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Post by dustawaits on Aug 21, 2018 15:54:50 GMT
Did you get the loan?
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Post by willowgirl on Aug 22, 2018 12:50:43 GMT
YES! The saga continued in the "Today is the big day" thread ...
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