25 years ago we bought 57 acres in southeast San Benito county as a family and friend retreat from the rat race of the Silicon Valley. With 7 children and my single income, their only inheritance is this property, where I planned to retire. The land is in an area known for mining and oil extraction, but several species of wildlife, (cotton-tail jack rabbits, big-eared mice, and burrowing owls) unique to San Benito County are on the parcel, which also has an ancient Native American acorn grinding rock that supported several grinding stations. Saving this property from development is part of my cause, but the land is also part of my family; it is a piece of my soul...
The bank has called the loan due, despite a nearly flawless payment history because banks no longer want land loans in their portfolios. While the property generates a small income (enough to pay the taxes) we do not have revenue to qualify for a business loan. The property is too large to qualify for a development loan to build, but it is also too small to qualify for an agriculture land loan.
This is my last ditch effort to keep from being forced to sell our land!
I need to borrow $54,000 to pay off the bank for a a parcel that same bank just appraised at $150,000.00. The property will be the loan collateral. I am making $600/month payments at 4.5% interest; I maintain the property, and pay the taxes and insurance.
Need immediate resolution!
Please help me save my land!