Bank #2 is willing to work with us. However the lawyer is requiring several extra steps which means more money in her pocket and less in mine. I can understand how our land situation would confuse someone. Our entire lot is composed of four individual lots. About 38 years ago a road used to run between two of those. The road was moved, but the county records still show a "road". These lots of land have been owned by someone in my family for longer than I can remember. I am not worried.
The lawyer sees the situation differently though. We have put bank #2 on hold while we try a third option. W is allowed to borrow from his 401(k). He could actually borrow for a number of reasons, but we are looking into the option that allows for purchasing or building a primary residence. There are no penalties as long as we pay the amount back within 15 years.
We submitted the required paperwork and are waiting the 10 business days for a decision. We will have an answer by the end of next week. For now this seems like the best option. We will be repaying into his account and even the interest paid will go to us. Stay tuned for the company's decision.
Oh that plan c sounds like a much better option. Hope it comes back in favour!!
ReplyDeleteOh that plan c sounds like a much better option. Hope it comes back in favour!!
ReplyDeleteI was clearing old paper work this week and came across tax 'duns' for a phantom piece of property that never existed in John's former home lot. It was just 50 feet wide and ten feet deep but boy that piece of property put us through the hoops when they were trying to sell the place. We had to 'buy' it in order to sell it. Even though it didn't exist! All because some long ago surveyor got a figure wrong many years ago...My sympathies on the road to nowhwere.
ReplyDelete