Asked by Lee Chase, Wells, ME • Tue Jun 26, 2012
updating and cosmetic work. ie: repair attached barn, new floors, new chimney, etc. We've gone thru the loan process twice already for an equity loan or first mortgage of $80,000. Town assessment came in at $175,000. Bank assessment came in at $130,000. We've been told the home as "no value," and to renovate it THEN they'll approve us for the equity loan, and to repair the barn or paint it before they will consider an equity loan. We have insurance on the home at a replacement of $225,000. Our investment is protected. However, we need to modernize the home and add 2 bedrooms for our large family of 6. (4 kids) It seems no one wants to give us an equity loan to repair the home. There is currently no mortgage on the home, nor has there been ever. It has been gifted from generation to generation. I'm ready to walk away from this home entirely. If we cannot repair the home, it is not worth living in and dealing with. Is there any way around this mess?
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