The Log house Project begins........

[tnmike]

I just saw on the news where JP Morgan Chase announced an unexpected 4 billion dollar loss. Not a good sign from the largest bank in the nation.

 

[Kyle_in_Tex]

Motor7, I'm not sure what to say but since you are doing things "outside the box", the finance company doesn't know how to deal with this. I think I remember you saying you are using multiple credit cards to build with. This might cause your credit score to take a nose dive. Any card debt over half the allowable limit is a negative to your score. Plus, any extra cards or closed out cards cause a negative in some respects.

I would recommend a small town bank locally where you can go in and talk to the person making the loan. Get them out to see your progress, give them an itemized list of expected expenses, and offer to pay a bit extra interest until the home is finalized. If that doesn't work, find out what church they attend and make yourself noticed...:laughing: They used to say you can't get a loan unless you can prove you don't need it....

Good luck.

 

[tony Cecil]

I`v followed your build for a long time, and it has turned out to be masterful....Speaking about the re-finance.....First do you both have friends that have lived there their whole lives, with family? They could be a good source of information on how to get something done....Second if it is a re-finance , does the Farm Bureau have the original mortgage? I ask this, as it is very difficult to make a living on a small farm, unless it is a niche market...Many people have lost their primary source of income, and fallen on hard times, with debt that was accumulated during better times......Therefore the reluctance to loan...

If you had a previous banking relationship in another state, it might behove you to contact that person for a possible reference to a banker in your area....and if not I sure would ask the local friends for some advice.....Tony

 

[MotorSeven]

Kyle, don't get me going on credit scores and the three rip off company's that make us grovel to them. I learned all about their BS back in '03 and made it a project then to learn everything about how they "operate" in a constant state of contradiction. Anyway, no our scores are fine...well over 700. Yes, our debt ratio is the only negative but any first year economics student would understand why after hearing our story and looking at our receipts and accounts...it's all documented. Yeah, I am outside the box, so far it has worked for me, so I am staying there

Tony, yes we have been with them here in TN since I bought the land in '01. Never missed a payment, never been late. Matter of fact it's a direct draw right out of my account twice a month, and we have always paid more on the principal every month. But, then again I must be an idiot, because thousands of folks who bought McMansions, then oddly enough could not afford them[shocker] have had their principal amount reduced by their banks and their payments cut in half so they can continue to live the good life. Heaven forbid that a guy build his own house that he can afford...what a crazy idea.

Oh, and the only reason we wanted the re-fi was to get it done quicker. It's not that we can't afford to keep chipping a way at things and pay for them as money comes in. That is what we have done for over two years, so we will just - Charlie Mike(continue mission).........

 

[B7510HSD]

Kyle, don't get me going on credit scores and the three rip off company's that make us grovel to them. I learned all about their BS back in '03 and made it a project then to learn everything about how they "operate" in a constant state of contradiction. Anyway, no our scores are fine...well over 700. Yes, our debt ratio is the only negative but any first year economics student would understand why after hearing our story and looking at our receipts and accounts...it's all documented. Yeah, I am outside the box, so far it has worked for me, so I am staying there

Tony, yes we have been with them here in TN since I bought the land in '01. Never missed a payment, never been late. Matter of fact it's a direct draw right out of my account twice a month, and we have always paid more on the principal every month. But, then again I must be an idiot, because thousands of folks who bought McMansions, then oddly enough could not afford them[shocker] have had their principal amount reduced by their banks and their payments cut in half so they can continue to live the good life. Heaven forbid that a guy build his own house that he can afford...what a crazy idea. My son bought a little 2 bedroom starter during the boom and now need a bigger place but they owe 100,000 more than it's worth now!

Oh, and the only reason we wanted the re-fi was to get it done quicker. It's not that we can't afford to keep chipping a way at things and pay for them as money comes in. That is what we have done for over two years, so we will just - Charlie Mike(continue mission).........

Your doing a great job keep up the good work!!! Don't let this get you down!!

 

[MotorSeven]

There is an "appeal process" with FC, so we will do that. Not to try and get them to change their minds, but to point out their total lack of common sense, the outright lies and all around bad business practice. That way I can say my piece and they will know "why" when I pull my loan from them.

I have to admit, it got to me. Down at first, then angry, now it's time to let it go and get back to work. ...I have a Solar Kiln to finish and get fired up.

 

[tnmike]

Rick if I were in your position I would take this situation as a challenge to finish the house without any funds from the SOBs. If if took another year it would be worth it to me. You have the perfect situation and there is really no hurry.

 

[MotorSeven]

And now for some good news....in celebration of me being a high credit risk.....I decided to pay off my Kioti.....it's mine all mine(said with a high pitched British accent, then an insidious laugh):drink:

 

[tony Cecil]

I also financed my Kubota , and the zero percent was why...I`v been paying five hundred a month, it seems like my whole life, and am going to pay it off just as you did...

I have a good friend of mine who over financed, and got in trouble....He sold off an asset, and paid `down and out` another debt......Be careful of paying off debt, keep the money to yourself until you feel comfortable about the future banking situation.....My friend has almost lost everything, as he does not have the dollars to be flexible.....No one needs to experience what he has gone through Tony

 

[MotorSeven]

......Be careful of paying off debt, keep the money to yourself until you feel comfortable about the future banking situation.....

In that case I would not pay off a debt for a very very long time since the whole financial situation(among other things) is teetering on a tall steep slope of loose slate.