The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-08-03
HOME LOAN OFFICE
in FEDERAL BUILDING
TO Be ESTABLISHED
P. (. Byrne to Have Three Of.
flee Assistants; Other
Officials Named

Offices for the southwestern North
Dakota district branch Of the Home
Owners Loan Corporation will be es-
tablished on the second floor Of the
federal building in Bismarck in the
next few days, it was announced
Thursday by P. E. Byrne, named
manager last week.
Byrne 50 far has been conducting
affairs Of his new office in his own
quarters in the Little Building, but
has decided to establish his new quar-
tiers In the federal narshal's office in
the postoffice building.
Included in his office staff will be
T. Leroy Evans Of Manning, general
appraiser for the southwestern dis
trtct: Dorothy B. johnson Of Ellen
dale, stenographer; and Grace Van
Meter Of Fargo, file clerk.
Scott Cameron and William M.
Schantz, Bismarck attorney and &C.
countant, respectively, have been
named attorney and appraiser in Bur-
leigh county for the corporation.
Pair In Each County
An attorney and appraiser are being
appointed In each Of the II other
counties In the southwestern district
and will be announced In the near fu-
ture, Byrne said. Other counties in
this district include Morton, Kidder,
Emmons, Mercer, Mclean, Sheridan,
Grant, Billings, Golden Valley, Het-
finger, Slope, Bowman, Adams, Sioux,
Oliver, Dunn and Stark.
Tho E1ny.ae 0,ua4~sS >n- %>.~>~>
ton was created by congress for the
purpose Of saving the homes Of home
owners where they are unable to Sc
cure money to pay mortgages other
wise and where the MORTGAGE is
threatening foreclosure.
It has 500, 000, 900 of capital stock
and has authority to issue $4,000, 000,-
600 Of bonds, running 10 years with
TOUR per cent interest, the interest
being guaranteed by the federal gov
eminent.
The only mortgages which may be
taken up under the program are those
OF record on June Is, 1888. The home
cannot exceed $40 1000 in value.
Here's How You Apply
Applications for loans may be made
through district managers either by
mail or personal call to the district
offices. II 1t appears that the re-
quested loan Is one that the corpora
ton can make under the law, it will
be referred to an appraiser, who I'M
med1ately will appraise the property
and have the attorney determine as
to the soundness Of the title and on
their report, II favorable, the loan will
be closed, papers executed, and the
bonds or cash, as the case may be,
paid to take over the mortgage which
is In existence.
The provision Is and the expecta-
ton Is that the mortgagor can ar
range with his mortgage to take the
18-year bonds which have back of
them the 5000, 900 900 stock and all of
the mortgages which are taken on the
loans made by the corporation in ex-
change for his mortgage and he will
transfer his mortgage to the corpora
ton upon being paid the amount of
bonds he agrees to take for his mort
gage.
The corporation will loan in bonds
30 per cent Of the value Of the proper
ty IN taking up the mortgage. It also
will furnish the money with which to
pay taxes IN arrears, this to be includ-
ed IN the 80 per cent. When the ex-
change is made, and the mortgage as
signed to the corporation, the corpor-
alton then will take new mortgage
from the home owner, running for Is
years, with payments either monthly,
quarterly, sen1i-annually, or annually,
according to the agreement, with in
terest at five per cent. This will give
the home owner a long term loan
with small payments.
Alternatives Are Provided
It the mortgage refuses to take
bonds and the mortgage and taxes
and other encumbrances due are not
in excess Of 40 per cent Of the value
OF the property, the corporation will
loan the mortgagor up to 10 per cent
OF the value Of his property or so
much as Is necessary below 40 per
cent to take up the mortgage with
cash and also any taxes due and take
q mortgage from the home owner at
is years with interest at six per cent.
In cases where the owner has no
encumbrances on his home but is In
default In taxes and in danger Of los
Ing his property from tax sale, the
corporation will loan him the money
on the home to pay the taxes and
amortize that for Is years.
The borrower may have an extern
sion OF three years on the principal
II he keeps the interest paid, and the
board may extend the payment Of
both principal and interest in cases
OF inability to pay. owing to stress Of
circumstances, but the total extern
sions during the 15-year-period must
not exceed three years.
The scheme is primarily for re-
funding Of mortgages and not for the
liquidation OF mortgages in cash.