3. Borrow the money privately, pay off the bank loan and create a new privately held 2nd TD.
Originally posted by Kenny Tan:
We don't want to short sell or sell at a loss now.
tax write off while paying down principal. In 10 years it will contribute about 9K per year net to our retirement income, not even assuming any appreciation. If house prices and rent goes up by 3 5% yearly, it would be even better. We don't have cash flow but we gained tax writeoff while paying down principal. Rental income will be one of 4 legs of our retirement streams. The others are pension, equities and social security.
The good news is we only have 10 years to go until property is free and clear. We don't have cash flow but we gained tax write off while paying down principal. In 10 years it will contribute about 9K per year net to our retirement income, not even assuming any appreciation. If house prices and rent goes up by 3 5% yearly, it would be even better. Rental income will be one of 4 legs of our retirement streams. The others are pension, equities and social security.
She was basically tricked, as she had 800 FICO and a good job/history. In 2003 there was no reason she couldn't have gotten a much better loan. There was no reason for me to pry into her finances when we were dating at that time.
I agree with Jeff. Social Security is going to be around, perhaps gradually trimmed down. That is why I am taking it as soon as possible rather wait for the higher payout. My worry is out of control medical insurance costs.
We turned her house into a rental when we got married. Sure that was a mistake, given the housing bubble burst shortly after, but it is breaking even. And the P payment is what we are banking on until house prices and rent can work their way up.
Actually it is such a bad loan (7.5%) 2015 Nike Air Max Womens
I am a numbers guy, I would never accept a balloon mortgage loan. My wife didn't even know it was due, she thought it'd be paid off soon! I am not going to point fingers as we all make mistakes one time or another. I kick myself for not checking on the terms.
1. Ask them for an extension of the balloon. In exchange, Nike Air Max 2015 On Feet Women offer them a small principal pay down amount (start at 10% of the principal).
Jon, Wells Fargo offered us a refinance with no (ap, apraisal, title)fee and no prepayment penalty. No other lender would do this for a 2nd mortgage. We plan to pay this off as quickly as we can. I doubt a unsecured loan will be worth it.
We have IRA/401K to cover but that will incur penalties.
We should be able to get a no cost refinance of the balloon loan to a amortized 10 year loan. Wells Fargo has a program to keep paying customers from becoming non paying ones, which just makes business sense to me. This is fine for us, as we just need to extend the loan out 1 or 2 years so we can pay it off.
2. Ask them to convert to a fully amortizing loan.
I love reading things like that. that to me is a couple that has taken charge of their retirement. Too bad I too young to even dream of actually getting social security someday. mine will have to be a two legged stool :)
that I don't mind paying it off if I had the means.
Balloon payment due
That a starting point. There are many other ways to go about it. You just have to show the person at the bank the benefits of working with a capable payor vs. taking this property to FC.
We cannot refi the 2nd as the house is about 24K under water.
We were just notified by Air Max Tavas Dark Grey
the 2nd mortgage bank that our SFR rental has a balloon payment of $29K due at the end of the year. This throws a money wrench into our finances for the next few months as we have a short sale house purchase in the works that we will need cash for. That is, if the bank does not counter, we would have to cough up 350K for the purchase, plus 20 25 for roof and misc repairs. We have 400K in reserves for this.
As for the 1st loan rrefinance by way of HARP 2.0, it is not going to happen. The best we can do is 5 5.25% for a rental property without huge points or pay down. We are at 5.25 fixed today so forgetaboutit.
The good news is we only have 10 years to go until property is free and clear. We don't have cash flow but we gained Air Max Tavas Black Mens
Just to follow up on this thread:
This balloon payment is going to be a stretch, with a few thousands in property taxes due at year end thrown in.
I am seeking good ideas to solve this problem?
You can attack this a few ways:
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