want to use farm land as collateral to get a loan
want to use farm land as collateral to get a loan
My wife has 80 acres of land,in Dodge,NE. The land is rented for @240 an acre. There is no money owed on the land. We want to consolidate our debt and make home improvements.
I am retired and with SS I make $4900 a month and my wife ie a teachercounselor and she makes with SS $4100 for combined monthly income of $9000.
If your company would approve a loan for 166,000 to be paid off in 61/2 years we would have 3 paymenta. Home mortgage $1400, 2012 Kis Sonda Van $425 plus the loan payment which would be less than $4500 a month. Our total monthly bills would be about $6325. Thiswould leave us wirh a balance $2675. After paying fo the standard monthly bills we would still have extra money for investemts, savings or pay down debt on the existing notes
The farm land within a 7 miles radius has been selling for $5100 to $9100. If you would approve the loan we would have my retirement and SS checks routed to your company. This procedue would guarantee the payment would be paid monthly. We selected a 61/2 year payoff because I have an insurance policy valved at $330,000 until I reached the age of 77. This would provide the needed security fo secure a personal loan.
I would call you but I have Parkinson's and it is very difficul to understand me. If possible we can proide you additional information by using the internet or the mail service.
During the 2014 farm season we would like to discuss our options on drilling a well so we can put a pivot on the 80 acres.
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