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riderinthestorm

(23,272 posts)

11. We're working with the Farm Credit Services Bureau and I'm thrilled!

Reply to The Backlash Cometh (Reply #10)

Tue Feb 21, 2012, 08:38 PM

Feb 2012

Love, love them so far. Its actually a farm co-op that will be holding the mortgage. We'd been hostages of a whole slew of bank buyouts - Wachovia, BOA, National City, now PNC, Nobody ever helped us really try to figure out how to take this farm mortgage and transform it into something other than a commercial mortgage.

Our balloon was coming due again in July and we started the process (again) but with interest rates this low I was pissed when their rate offer wasn't much lower than what we already had. So I went on a real search for an alternative.

We submitted the docs they wanted and have just been waiting for the appraisal (which has taken the longest). The people have been outstanding. I'm really satisfied. Of course we haven't closed yet but so far, so good. (fingers crossed) They've already said we're approved so now we just have to set the date for the closing.

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Just got my appraisal back for the re-fi, value of the property is 40% what it was 5 years ago [View all] riderinthestorm Feb 2012 OP

Some aren't. Sold our last home in a short sale in 2008 for $130,000 less than we paid. stopbush Feb 2012 #1

I'm not so sure we're at the bottom yet either. No way would I buy either.... nt riderinthestorm Feb 2012 #6

I've thought about this for a while too. Fresh_Start Feb 2012 #2

I feel your frustration... russspeakeasy Feb 2012 #3

I can't blame anyone for walking away. 60% drop in "value" in 5 years?! Thats nuts! riderinthestorm Feb 2012 #7

I hear ya!!!! Wellstone ruled Feb 2012 #4

Thank gawd we're zoned ag or I'd be spitting at the tax valuations! What a racket. nt riderinthestorm Feb 2012 #8

We have owned our home for 20 years K8-EEE Feb 2012 #5

What's weird is I ALWAYS felt like that too, that it was only a matter of time before it all crashed riderinthestorm Feb 2012 #9

What kind of experience did you have with the refinance? The Backlash Cometh Feb 2012 #10

We're working with the Farm Credit Services Bureau and I'm thrilled! riderinthestorm Feb 2012 #11

Our group is swift on everything, except they're never pleased. The Backlash Cometh Feb 2012 #13

Oh they asked for all of that, up front, including the retirement "savings" (pathetic amt) riderinthestorm Feb 2012 #14

I refinanced last summer tammywammy Feb 2012 #12

It's a very strange experience for us. The Backlash Cometh Feb 2012 #15

I'm hesitating to ask Kellerfeller Feb 2012 #16

Since we operate the farm as a business, we could never get a bank to do a 30 yr fixed rate loan riderinthestorm Feb 2012 #17

Thanks Kellerfeller Feb 2012 #18