that is set to adjust next year - If we could refinance into something fixed at decent terms - all will be well - we'll have replaced a crappy lil house with new permitted construction - the bank will get thier money and we'll live fungus free -
here are some of the caveats - the current plan is to approach this an an owner builder so construction will take about 3 years -
We're not interested in taking out a construction loan and hiring a GC - We dont want to incur any more debt that we need to - even if it means that the build goes a little slower.
I suspect that the automatic response from wells fargo would be to call in the note as soon as the y realized that there wasnt a house there - but REALLY?!?! what would they do with it?
Id obviously just walk away from the whole thing and wells would be left with a having to take a huge loss - Id think it would be in thier best interest to just place my loan into something a bit more stable so I can complete the project.