Well it actually started last Tuesday, August 17. I was stunned to find that my daughter had taken out a second mortgage on my home.
When I bought this home 8 1/2 years ago, I had an IRS problem that I had to clear up before I could have a mortgage in my name, so I asked my daughter, a Mortgage broker, to put the loan in her name and then we could put the loan in my name when I completed the little problem with the IRS.
I have been trying to figure why she has steadfastly refused to comply with the deal we had. When I checked with the county recorder to see if there is a second on my home, there was a loan two years into the purchase that was the new loan she did after first getting a ARM to put us in the house. Then there was a second loan for the full amount we paid for the house. This threw me off and left me and a couple of other agents in doubt as to the real picture.
Tuesday I got a letter from Wells Fargo stating their loan was 4 months in default. Since I could not reach her, I called my son in law (they are in divorce court) and together we got WF to talk to us about the loan. Sure enough it was all true. Here I thought my 15 year mortgage was going to be paid off in 9 years and be ours. Now I have a second loan for the same price I agreed to pay when I bought the place hanging over my head for the next 40 years.
Now that I have had a bit of time to think about it, Maybe I didn’t fall into a bucket of sh*t. Maybe it was rose water.
Our area qualifies for a “Farm Loan” through the USDA. Very low interest and long pay back deals=a lower house payment and a house with a shop of substantial size. For the same money we are paying now for a 3bdrm 2bath, we can get into a 4-5 bdrm 3bath on twice the acreage. As long as I make the first loan payment there will not be a foreclosure on this house. When escrow closes on the new place, I stop payments on this place and let the devil take the hind most. Some people call it tit for tat. What ever it is, it works for me.
If we move into San Bernadino county, The wife gets an automatic 2 dollar an hour raise for taking care of our brain injured son. This may be a win/win for us.
Stay tuned, same Bat channel, Same bat time….....A little advice…Never let the bastards see you sweat! No matter how much it hurts.
I know this blog ain’t about wood….....YET. We’re getting to that later…..