Crazy Horse- Here is why I don't want to use banks (I know I don't really owe anyone an explanation).
20+ years ago, I bought my farm. It was just the land and no structures were on it. I financed it through a small, local savings & loan.
A few years later, the S&L was bought by a national banking company.
A few years after that, I received, in the mail a 'Notice of Foreclosure' on my farm. The banks reason was because I failed to provide "Proof of Insurance" on the house I built on the property.
I called the local branch of the bank and explained to them that I built my house and paid cash for it. The loan was for just the land. I did not need to provide them with "Proof of Insurance" on the home. I talked to each level in that branch up to the Vice president. Each one stated that they were going to continue with the Foreclosure proceedings because I refused to provide "PoI".
Getting close to the foreclosure date, I was finally able to talk to the president of the national chain. I explained to him that the loan was only for the property and he could check the deed. I built the house and paid with cash therefore, the bank had no justification for wanting "PoI" on the home. He said he would call me back.
He called back a few days later and said he read the deed and the loan was, in fact, for the land only. They had no reason to ask for "PoI" on the home.
They dropped the Foreclosure proceedings.
There it is in a nutshell....if I have to fight and fret so much to save my property from a greedy bank, when they were wrong to begin with. Why should I use their services?
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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