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- #1,421
promiseacres
Herd Master
@greybeard maybe you're right... but not sure you've got the whole story... but no the story goes is Mom decides she can't take care of the money pit of a property and 12 horses her last husband left her. Puts it up for sale after decidng to move near family...us. I tell her that's great...but am hoping to move ourselves within a couple of years. So even if she find a place within 5 miles as she wants, I can't guarentee it will be long term. So we talked and it was decided let's find a big enough property that we can add a residence for Mom (or us depending on what's on the property we find). So after a few months of looking and not finding something everyone was impressed with. Our new farm came up for sale. And at first we dismissed it... needed too much work. But then we reconsidered as it was a good location, property type we wanted and it had decent barns for a really excellent price. Mom saw it and put an offer down, thinking she could get money out of an account her husband had left her. The bank told her yes for a month (we couldn't close before the equipment auction in any case) then she was told the person who told her yes was no longer with the company.... So Mom started talking to banks for a loan, our agent suggested I go along to cosign if necessary. First bank said no to her and us, too much debt already. So I talked to our bank, they said sure (without Mom on the loan)... then when their appraisal came back above the asking price but with the house as in too poor of condition. We re-evaulated... do we want this place?? decided yes, a couple other places to talk to... I spent hours doing this, 1 bank wanted a "plan" all the while saying yes we can do this, the financial guy even went to see the house. Then said no I guess we can't. So went to the credit union. They saw the first appraisal, and said yes we can work with you. They suggested the bridge loan (as it reduced our overall debt)... and so we after some thought we did it. Mom agreed to sell 3 more horses (horses she repeatedly has told me that doesn't want to keep, ride or do anything with, she's just convinced PAPERS = $$$ but they need the "right" home). And because we knew we all knew we couldn't do this long term SHE told us if it's not sold soon, it goes on the auction block, they I'll pay off the loan, ect.
So know here's how it's being divided. She's not paying the all loan payments, just barely 30% of it... she forgot our old loan was escrowed. So our part of the bridge loan is 70% of it. If you divide up what we owed then the new debt it should be the opposite, she paying the larger part. She set her budget then told me this is what I can pay, after telling us intially yes I can afford payments on a separate loan. We did not escrow this one for several reasons so we have an additional $120 per month we need to pay for our current farm insurance. She has agreed to pay the new farm's insurance plus taxes on it. So that is something. So am I out of line because I'm totally frustrated that my Mom is wishywashy and admits she's not doing what she said she would? But because her budget works for her for the moment. Like I said we should have just waited... yes this property was what all of us wanted... but... the current headache of not having any cushion in our finances... And now she wants to move in... she needs to buy appliances just to do that...even used ones cost $, when she has a house she has everything she needs but isn't going to move. I am an idiot... for trusting her again... So no you can't bring 5 horses to a place without fences when we no one has $ to put up a proper fence. I did tell her she can bring them to our current place but we're lacking shelter... but we do have good fences... oh and she doesn't have hay enough either... not if she moves them off of full time pasture... but when I told her a friend had hay for sale she wasn't worried...
Truly... it will work out one way or another. But me and DH are definately losing sleep... things like braces for DS were supposed to happen next year... my car has an engine light on... Mom's big truck needs work... and we have a new awesome farm we'd love to jump into to get ready for our family... but God is in control. I'm also squirreling every cent of OT DH is getting so we can move forward. We'll definatly keep chugging along. Thanks for listening.
So know here's how it's being divided. She's not paying the all loan payments, just barely 30% of it... she forgot our old loan was escrowed. So our part of the bridge loan is 70% of it. If you divide up what we owed then the new debt it should be the opposite, she paying the larger part. She set her budget then told me this is what I can pay, after telling us intially yes I can afford payments on a separate loan. We did not escrow this one for several reasons so we have an additional $120 per month we need to pay for our current farm insurance. She has agreed to pay the new farm's insurance plus taxes on it. So that is something. So am I out of line because I'm totally frustrated that my Mom is wishywashy and admits she's not doing what she said she would? But because her budget works for her for the moment. Like I said we should have just waited... yes this property was what all of us wanted... but... the current headache of not having any cushion in our finances... And now she wants to move in... she needs to buy appliances just to do that...even used ones cost $, when she has a house she has everything she needs but isn't going to move. I am an idiot... for trusting her again... So no you can't bring 5 horses to a place without fences when we no one has $ to put up a proper fence. I did tell her she can bring them to our current place but we're lacking shelter... but we do have good fences... oh and she doesn't have hay enough either... not if she moves them off of full time pasture... but when I told her a friend had hay for sale she wasn't worried...
Truly... it will work out one way or another. But me and DH are definately losing sleep... things like braces for DS were supposed to happen next year... my car has an engine light on... Mom's big truck needs work... and we have a new awesome farm we'd love to jump into to get ready for our family... but God is in control. I'm also squirreling every cent of OT DH is getting so we can move forward. We'll definatly keep chugging along. Thanks for listening.
) the deed.
.....the corn crib will be interesting to watch and see the changes ya make with it...hope ya can get started transforming the house more sooner rather than later....
