So you think your homestead is secure, prepped, you've increased the fertility of the soil, dug deep wells, rigged it to operate with or without power, and secured it against the looting hordes.
Just one problem ... you owe the bank. The property is mortgaged.
I'm here to tell you, that's a BIG problem and it trumps everything else. You are betting your life that the bankers are all too stupid to see the big crash (that you foresee) coming. Buddy, they make a LIVING out of managing risk.
Your mortgage is so full of loopholes right now that you could strain a cow through it. And every one of those loopholes favors the bank. When hyperinflation, the zombie apocalypse, or whatever your doom-scenario-of-choice is hits ... someone at that bank will survive long enough to cause you trouble. And some level of law and order will remain long enough to take it from you by force.
Imagine it's day three after an EMP attack. A banker says to the local sheriff, "I have a paper note here that says we own farm property in XYZ county. We have discovered that they have a manual source for water and plenty of livestock and farm equipment. Yet clause #78b of their mortgage contract states that if the bank feels they may not be able to repay the loan in full we can do an immediate foreclosure. Sheriff, I've assessed that they have 18 sheep, 40 chickens, and 2 milk cows. We'll give you and your deputies half of those animals to feed your families if you help us evict those people from OUR property."
Best start finding ways to slide out from beneath that mortgage. Sell it, walk away from it, or RUN away from it if you have to but get out. Before too much longer, these fertile and self-sustaining homesteads we've built are going to start becoming VERY attractive to a whole lot of people.
5 comments:
Precisely why I have decided that unless I win the Lotto I'll downsize to the two acres I have free and clear.
Originally bought for a home site now will be used for a small homestead... Brother owns another couple of acres across the street, his is free and clear as well...
Still looking for a deal on a little bigger place but hopefully with a trade or I'll sell off the other place... Free and clear is the name of the game...
Like the seriers "jericho" someone, somewhere, has the records and will therefore perceive they have the power, however, illegitimate, to benefit themselves from it.
WE have been doubling and even tripling our mortgage payment whenever possible. Hopefully we will have our homestead paid off in January or February of this coming year if nothing too drastic happens.
I made a comment on another blog about being debt free and they reminded me that the powers that be could stack the deck so everyone owes regardless. Taxes especially property taxes could go so high as to get us all before the end.
just made last payment on my little corner!!!!
I wish we could do this. Hubby just doesn't see it tat way. He's great in most things....but in this he has blinders! I do put an extra $100 on the mortgage payment each month....I'd really like to pay double, though.
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