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08/06/08, 08:59 AM
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Join Date: Jun 2007
Posts: 1,064
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Final check was cashed yesterday
My final yearly balloon payment was cashed today, which means we now officially own our 40 acre homestead free and clear. We should be receiving the deed shortly after all the paperwork is processed.
We still own money on our home equity loan, but the homestead is now payed for in FULL! We now OWN this land! What a feeling!
Michael
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08/06/08, 09:06 AM
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Join Date: Feb 2007
Location: SW Michigan
Posts: 16,408
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Big Congtatulations to you! Bottle that feeling!!
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08/06/08, 09:12 AM
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Join Date: Oct 2006
Location: N. E. TX
Posts: 29,600
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Whoo Hoo! Congrats!
Our house in the 'burbs is paid for as is our land...if we ever get the house in shape to sell, then we'll build on the land. Great feeling!
Patty
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08/06/08, 10:44 AM
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Join Date: Aug 2005
Posts: 8,839
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congratulations!!!!!!!
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08/06/08, 11:08 AM
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Green Woman
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Join Date: May 2002
Location: Indiana - North Central
Posts: 1,955
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Congrats!!!! That is WONDERFUL!!!
I'm still $90k off...
But still working at it!!!!
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08/06/08, 11:10 AM
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Can't stop thinkin'
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Join Date: May 2005
Location: Virginia
Posts: 1,267
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Congrats! Good feeling isn't it?
__________________
Iris
The Last Straw (aka Helinbak Farm)
Once a Marine; always a Marine
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08/06/08, 12:04 PM
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Join Date: Jan 2004
Location: PA
Posts: 5,780
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Congrats!!
Hopefully there isn't any property taxes or the government might take it.. Like here in PA... They have a bad habit of taking properties for pennies on the dollar...
__________________
Pennsylvania Constitution, Article 1 Section 21 "The Right of the Citizens to bear arms in defense of themselves and the State shall not be questioned"
www.pafoa.org
http://www.45thpacok.com
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08/06/08, 02:14 PM
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Join Date: Oct 2006
Location: S. Louisiana
Posts: 2,278
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MK! Congrats! Just in time for sanity, I bet!!! Truly awesome! ldc
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08/06/08, 03:04 PM
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Join Date: Feb 2008
Posts: 4,353
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Congratulations. :-) 
I'm confused tho- (common occurance for me, I assure you.) Isn't an equity line of credit essentially a 2nd lien on the property? (Now a first lien?) Since you took out a "loan" on the equity you had in the house? Meaning, you don't really own it "free and clear" until the equity line is cleared up? You just traded lien holders? I'm not trying to be snarky, I'm just trying to figure out if I was wrong about how that works?
Thanks,
Cindyc.
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08/06/08, 08:34 PM
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Join Date: Mar 2008
Location: Northern Michigan
Posts: 190
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We made our first payment on the 1st of August, and I looked at my DH and said, "Hey, hon, guess what? Only 58 more payments~!!!"
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08/07/08, 05:19 AM
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Join Date: May 2002
Posts: 3,773
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Quote:
Originally Posted by Michael Kawalek
My final yearly balloon payment was cashed today, which means we now officially own our 40 acre homestead free and clear. We should be receiving the deed shortly after all the paperwork is processed.
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No you still leasing the land from the government. You will still need to pay them a yearly fee to keep the land.
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Gary in Central Ohio
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08/07/08, 07:58 AM
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Happiness is Homemade
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Join Date: Jun 2005
Location: Kenefick Texas
Posts: 3,512
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CONGRATS!! I'm looking forward to the day i can say the same.
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08/07/08, 10:59 AM
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Join Date: Jun 2007
Posts: 1,064
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Cindy
That would apply if the house was ON the homestead. It is not. It is a separate piece of land away from the land the house is built on. It has it's own mortgage and it's own deed. We had to come up with clever financing scheme to pay for the land. We bought the land with 50% down and 4 YEARLY mortgage payments. The 50% down came from a home equity loan. So, for the last 4 years, we've had 3 mortgage payments, the regular monthly house payment, the regular monthly HELOC payment, and the yearly land balloon payments. Each month we paid down the house and HELOC, then once a year, we withdrew more money off the HELOC to make the land payment.
Now, the land is payed for we will receive the deed shortly. We still have to pay off the HELOC, but that is a lien against our house, not the land. That means we own the land free and clear. The HELOC is still one hefty payment, but that is being religiously payed down also.
Michael
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08/07/08, 08:19 PM
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Join Date: Aug 2003
Location: East Texas, Zone 8b
Posts: 477
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Congratulations on owning your own land.
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08/07/08, 09:41 PM
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Join Date: May 2002
Location: New York bordering Ontario
Posts: 4,786
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Congratulations! That's a real milestone! Good going. 
Jennifer
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-Northern NYS
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08/08/08, 10:55 AM
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Join Date: Jul 2006
Location: Fort Repose
Posts: 899
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Congratulations! It's a great feeling. 
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08/08/08, 12:49 PM
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Join Date: Jul 2005
Location: Central WV
Posts: 5,390
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I had the same question Cindy did. It all makes sense now.
CONGRATS.
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Our homestead-in-the-making: Palazzo Rospo
Eating the dream
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08/08/08, 12:55 PM
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Join Date: Feb 2008
Posts: 4,353
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Quote:
Originally Posted by Michael Kawalek
Cindy
That would apply if the house was ON the homestead. It is not. It is a separate piece of land away from the land the house is built on. It has it's own mortgage and it's own deed. We had to come up with clever financing scheme to pay for the land. We bought the land with 50% down and 4 YEARLY mortgage payments. The 50% down came from a home equity loan. So, for the last 4 years, we've had 3 mortgage payments, the regular monthly house payment, the regular monthly HELOC payment, and the yearly land balloon payments. Each month we paid down the house and HELOC, then once a year, we withdrew more money off the HELOC to make the land payment.
Now, the land is payed for we will receive the deed shortly. We still have to pay off the HELOC, but that is a lien against our house, not the land. That means we own the land free and clear. The HELOC is still one hefty payment, but that is being religiously payed down also.
Michael
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Thanks for clearing that up. And CONGRATULATIONS! How cool that you own your land!
Cindyc.
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