Always Believe In Miracles……#202 (The 80’s)

loan

A Documented Miracle
(click to enlarge)

The residence searching journey from Anthony to Kiowa found a colloquy of aspirations, the house on N. Springfield’s emergence presenting an illustrious canon, a definite contrast to the housing corporeality thus far having been displayed to the couple.   Gary having never  witness Jan’s enthusiasm for something elevated to such a degree.   The Bird Reality representative,  although indicating she had no knowledge of the N. Springfield properties disposition,  except it was in the modus operandi of foreclosure, but Gary attentively noticed  she inadvertently mentioned the name of the person who garnered  the house’s backdoor key.   Gary relating his attentiveness to Jan,  asserting he would further his inquiry about the house to  the person she  mentioned and with a ray of optimism hopeful that the results would be encouraging, quelling some of Jan’s receptive disappointment.

A Saturday morning Gary again traversing the highway to Anthony, an inquisitive quest to the name inadvertently mentioned by the reality agent,  the Jim Gates Agency at 316 W. Main St..   Gary trusting he could acquire more information on the complexion and disposition of the house on N. Springfield.   Gary introducing himself with an explanation of how he and his wife arrived at discovering an interest in the house.  Jim cordially explaining his concert with Railroad Saving & Loan the foreclosing bank as a CPA and their local representative.   His cardinal concern beside allowing an occasional display by a reality agency, was the properties security and his ongoing attempt to contact the responsible party holding the mortgage which had falling into default.  Unfamiliar with the financial world of mortgages, Gary questioning Jim about assuming the current loan, and the difficulty he would encounter.  Jim responded, once in foreclosure, it would be impossible for an assumption until the bank took possession.  Gary again questioned, under what circumstances could the proceedings be halted?  Jim acknowledging it was not probable but possible if the defaulting owners came forward and relinquished the property.  Gary not conceding defeat, quarried Jim  about the owner, their current address and phone number, Gates replying, he had both an address and phone number, but the person refused to return his correspondence or calls, adding that he was well acquainted with the departed party because when living here he also was a CPA..

A stately structure

A stately structure

Gary leaving Anthony with LaVerne and Wilmetta Miller.s  address and phone number,  the default mortgage holder now residing in Colorado Springs.  Jim Gates giving an assurance,  if the Millers in Colorado were willing to sign a release for Gary to assume the loan,  Jim would notify the bank of the impeding action and would help administer the contractual paperwork.  The return drive to Kiowa,  Gary reviewing in his head the uplifting conversation with Jim, a message of encouragement not only for him but also for Jan.   A letter was immediately dispatched to the Colorado address,  expounding the Willson desire to purchase the N. Springfield property, willing to secure the mortgage holder’s obligation by assuming their loan.   A week having passed with no answer,  the time having arrived to place a phone call to Colorado Springs.  To Gary’s astonishment,  it was answered,  the conversation with the Miller’s confirming their interest in the Willson’s proposal.   A return visit with Jim Gates ensued, and the negotiations between the litigants began, but finding complications.  Ten years of the original 30 year mortgage having been indemnified,  Railroad Savings not wanting to yielding to a loan assumption,  requiring Gary to obtain a new mortgage to meet the outstanding balance for the property.

The problem arising was the bank couldn’t loan the money for a house not yet  contracted for.   At a loss, not wanting to inform the Millers, that the bank would not let him assume the loan,  Gary turned to Jim Gates,  who had a slide of hand solution.  The current Colorado owner could relinquishing the property to the Willson’s with a quick claims deed for one dollar and Gary would obtain a mortgage on the house for the balance owed on the original contract,  contractually satisfying all concerned.
The acquisition was transpiring,  a loan approval needed,  an interest rate to be agreed upon for a 30 year loan in the amount of $46,000.  Gary visiting on the phone with a member of the banks loan committee for the first time,  expressing he would only consider a monthly payment of less than $400 dollars,  with the insurance premium and property tax included,  the loan officer was taken aback,  replying he would have to confer with the committee at their next conference.   Another temporal waiting,  then a call from Jim Gates,  the bank in order to keep the monthly payment down as Gary requested,  agreed to a variable interest of 3% above the federal discount rate  which was the rate that banks paid the Feds when borrowing money.  This was more than acceptable to Gary, considering the current conventional mortgage rate on thirty year mortgage was over 10%.   A second call from Jim Gates, espousing another major problem,  the bank somehow failing to notice that the Millers had secured a second loan for $25,000, the equity in the house serving as collateral,  a balance of $5,000 still remaining.  The earthshaking news bringing the N. Springfield transaction to standstill.

A neighborhood throwback to another era.

A neighborhood throwback to an earlier era.

The news was devastating, coming so close to completion, the time and effort, the hopes and dreams,  all seemed for not,  an aura of despondency hovering over the family.   Another conversation with Jim Gates, once again Gary asking his advice.   Jim suggestion that they  contact La Verne Miller and simply ask if he would renew the balance of the note as an unsecured loan,  removing the house as collateral.  Gary always believed in miracles, but the past months of events confirming his faith in prayer and confirmation of his conviction, Railroad Savings & Loan accepting the Millers renewal of the note without collateral.   A signing ceremony was held at the Jim Gates Agency, Gary very conscious of Jim Gates role in the acquisition of the property,  his undertaking and guidance forever an unpayable gift.  With their signatures,  Gary and Jan Willson ,  now title holders of the stately monolithic structure at 602 N. Springfield Ave,  its infinity having stood dormant thru a winter and spring would once again thrive with the presence of vivacity.

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