A Deal With CCB

I think we worked out a deal today in regard to the house loan with CCB. It’s not a very good deal for us right now, but it will allow us to finalize the loan, and potentially come out smelling pretty well later.
I talked to Andy Neisler today, and finally understand what’s going on. Indeed, the judgment in question has been listed as charged off as part of Mama’s bankruptcy. But there’s something about the way it was written up that leaves some questions. The charge-off can’t be confirmed. As such, they can’t get the loan insured, because it’s at least theoretically possible that the bank in question could pursue the judgment in the future, even though they currently say that it’s been charged-off.
The only way we can get this loan finalized is by agreeing to allow them to keep $10,000 of our money until the judgment comes off when Mama’s bankruptcy comes off of her next May. If the bank doesn’t decide to pursue that judgment, then our $10,000 will be released next May. But that money will be kept there until then essentially as insurance. No one expects that the bank will notice this. They certainly don’t seem to be interested in talking to Andy about a settlement. And why would they? According to them it’s already been taken care of.
We’re supposed to finalize the loan next Monday. After everything is settled out, we’ll receive a check for $4,500 (and will assume a $55,000 debt). Then we’ll have to wait and see if that other $10,000 is still there come next May. I don’t care for the way this worked out, but at least the house will be free and clear. Neither myself, Mara nor Mama will have any debt, and there will finally be no back-taxes due on the house. From here I can only assume that our long climb will finally begin to lead us upward.

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