The plot thickens...

So as I hurry down the path toward completion, I thought that I could focus all of my angst on simply getting it done and somehow finding the coin to foot all of my expenses. And balancing this with everything else I have to do like, um, going to work, has been an ongoing struggle.

So just when I think I am home free, I get the following in the mail from the lender of my construction loan, Webster Bank. It would be riotously funny if it wasn't so ill-timed:

May 25, 2007

XXXXXXX
## XXXXX XX
Sag Harbor, NY 11963

Reference Loan: ##########

NOTICE OF DEFAULT

Dear Borrower(s):

We are attempting to collect a debt from you and any information we may be used for that purpose.

Your above reference (sic) loan is currently in default because you have exceeded your original maturity date and for your failure to comply with our request to you dated mm/dd/yyyy (copy attached). You are now required to pay this amount no later than the close of business on June 25, 2007 to correct this default.

You are further advised that if this demand is not satisfied by the close of business on June 25, 2007, we shall declare an immediate acceleration of all monies due under your note secured by your mortgage, without further notice of demand.

Acceleration means that the entire principal balance, together with any accrued interest, late charges, escrow deficiencies, and/or legally collectible expenses will be immediately due and payable.

Failure to adhere to these terms may result in your accout being forwarded to our attorney in order to commence a foreclosure action.

Also pursuant to the terms of your mortgage, you have the right to reinstate your loan after acceleration by paying to us all sums which are due plus our attorney fees and other reasonable costs of proceedings which have been incurred to the date of such payment.

You may seek remedy through court action to assert the nonexistence of a default or any other defense you may have to acceleration and sale of the property.

FAILURE TO RESPOND TO THIS LETTER MAY RESULT IN THE LOSS OF YOUR PROPERTY AND ALSO MAY LEAVE YOU SUBJECT TO A SUIT BY A DEFICIENCY JUDGEMENT.

Your prompt attention to this matter is now required.

Sincerely,


(SOME ANONYMOUS FUCKTARD IN COLLECTIONS)

By the way, the previous letter referenced in this letter was basically a flat out request for the C of O, final inspection report and the final survey.

I don't even know where to begin, this is so ludicrous. For one thing, I have paid my monthly construction loan payments in full. On time. Every month. For the past three years. I haven't even taken out the full amount of my construction loan, nor do I intend to. Ever. So what exactly have I defaulted on, and what amount of money are they trying to collect from me? I have already had my construction loan period extended via a "loan modification," aka, excuse for the bank and title insurance companies to bilk me out of more of my cash. I have given the bank timely updates on my progress. I have excellent credit and I have documentation to prove all of my numbers. The bank's own appraisal of the house is more than double/almost triple the loan amount. Why the fuck are they pulling this stunt now? And so what is the big fucking deal if the construction period is extended? They're still making plenty of interest income off of me every month. And what makes them think I can merely snap my fingers and make the final C of O appear? These things take time; I don't have control over town bureacrats. Oh, and what if there are one or two technicalities that need to be corrected in the inspection report? That will take even more time to get re-inspected, etc. And ultimately there is nothing anywhere in my paperwork from the bank stating that they can serve a NOD and foreclose on my house just because the construction period went overlong. They are going to rue the day they decided to fuck with me; after three years of hard work and suffering, they are not about to pull these kinds of shenanigans with the likes of me, especially at the final stages of the game. If they are going to get all legal with me, I will fight back with every last penny I have. This awful piece of shit excuse for a bank can rot in hell for all I care. Kiss.my.big.black.ass!!!

That drama notwithstanding, I guess you can say the pace has accelerated things a touch. Other than a couple of pesky remaining leaks, a handrail for the basement stairs, and a self-closing hinge for the door to the garage, the house is pretty much finished (of course there's plenty of painting, landscaping and decorative details remaining...). The concrete driveway will pour tomorrow and the countertop/cooktop for the kitchen will be installed on Saturday. The final survey is in hand. Ron the builder is hand-couriering the survey plus water/plumbing specifications to the health department. We are targeting the final C of O inspection for Wednesday-ish of next week. I was hoping that the C of O would be called after things are a bit more polished, but right now it's all about timing and averting this potential war of legal eagles with the bank. The house is still a filthy mess, but I have only the rest of my life to clean it up...

NEXT UP... did he or didn't he?