Some of you may recall that we planned to move to Alabama, at least during the winter months. Well, it's not happening.  While I was pre-approved to purchase a second home I neglected to mention that we were looking into double wide/pre-manufactured homes.   As it turns out there is only one lending institution willing to finance a modular home in Spanish Cove in Lillian, Alabama (the ONLY place we considered); making them the "only game in town"; a direct quote from the banker.

The deal?  A 5 year balloon loan at a pretty decent interest rate. Payments are based on a 30 year mortgage but  At the end of 5 years you pay up or refinance.  Problem?  There's no cap on the interest rate.  I may as well acquire a loan from some dude named Guido since he doesn't go by federal guidelines either.   This place flat out told me they could refinance me in 5 years at as much as 20% (even more if they so desired).  I really thought I had covered all our bases when I made the decision to go buy a place last week.  Well, I just couldn't pull the trigger on a deal like that.

Friends have asked and/or said, "they can't do that", "you could go somewhere else for financing", etc. etc.  Well, you can't, at least not in Lillian, Alabama.  Part of the problem for me to go to my bank here in Ohio or any other bank is that the lot (property) is deeded and the modular may be titled.  Anyway, I did some further checking and found that many of the places for sale is because some of the owners can't afford to refinance.  Of course it's an area where there are some very well-to-do people who don't worry about that financial burden.

Could we have paid off the loan at the end of 5 years?  Too much stress.

Peace

Well that really sucks Jimmy, I know you were really looking forward to the move.

Politicians and bankers; one in the same. The good news. I won't be selling my beautiful F250 now. And the first thing I did when we got home from Alabama on Saturday was fire up the wood burner..

Peace

Sorry about that

  I like to think I'm a bit wiser at 65 than I might have been at 25.  And things have worked out for the best as well, my stress level is down.

Peace

Good way to think

Sounds like you made a wise decision.At least you found out in time before wading into the whole mess.So in a sense it was a blessing in disguise.My feeling is something better and easier on the pocketbook is waiting for you around the corner)

Jimmy...

Trust YOUR GUT. IMHO, That's GOD.

That's it, and that's all.
Well, that, and knowin' the finance company involved here, may not even be in existence...
FIVE years from now. Do ya really wanna trust that?

Ride Free (DEBT FREE)

Tweek

That was another thing; I AM debt free except for my current mortgage and it's the best feeling one can imagine. I knew I was going to retire at 62 and I planned for it gradually over the years, trying to make ends meet and raise a family. Priorities were all about being a hard working American Patriot. I lived within my means and even lessened my take home pay by 15%, putting that into retirement. If you don't see it you don't spend it. My children actually understand that concept and now do the same thing. And they do that because they saw what might have happened to me when I was forced to retire a couple of years sooner than I had planned. Having that safety net was the key to surviving and really, I'm truly amazed my kids picked up on that.

The one thing I couldn't get thru to my kids: keep your zippers up and your legs closed. LOL I'm way too young to be a great grandpa for God's sake. LOL

Well sorry about the dream fall through... but maybe, just maybe there is another plan that you have not been told or thought about yet. Me I thought I had it all planned out, turns out that life has sent me down a few roads I did not see coming. But they seem to work out in the long run... So maybe that is where you are not soppose to be YET... keep trying for a dream, seems to me that is what keeps humans young is dreaming and then trying to achive...

Good move staying away from that balloon loan, Time will come when you find what you need!
Good luck.

I can tell ya about "dream failure". A bunch. But, I won't. Some of Ya'll know way more than ya ever wanted to, on that front. But, in a nutshell, I see those "failure's", now, more as something God was tryin' to show me. And in each and every case, not only did it turn into a blessing, BUT, I actually DID learn something. About life, myself, and that disappointment, no matter how painful, is NOT the end of the world. On the contrary...when one door closes, another opens. I'm all excited about the next "door"!
I've stopped puttin "things" before what matters most. (My higher power, Jesus), and just gotten on with life.
Cause, one of the things I learned, was that when you're too busy focusing on the wrong things, the blessing you
pray for, may have just, passed you by. IMHO, anyways.

You'll get precisely what you need, Jimmy, @ precisely the right time. Wait and see.
That's what I'm BELIEVING for.

Ride Free
Tweek

Lmao @ Jimmyacorn
The one thing I couldn't get thru to my kids: keep your zippers up and your legs closed. LOL I'm way too young to be a great grandpa for God's sake. LOL

count your blessings!!! some day you can get revenge & move in with em LOL