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Tractor Talk Discussion Board |
Re: OT Any mortgage smarts people out there?
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Posted by Kentucky Ed on August 11, 2007 at 13:59:16 from (72.49.149.57):
In Reply to: Re: OT Any mortgage smarts people out there? posted by James22 on August 11, 2007 at 12:38:43:
James, many of your points are right on. You cannot use 401K, nor IRA accounts as collateral for a loan. If a lender is suggesting that, they are totally incompetent. Were such accounts pledged for collateral, the IRS considers them "cashed in" and the withdrawal penalty is immediately due. I might take exception to pledgeing your home as collateral. For a lot of folks, that's their "equity" to enable them to buy their "dream farm". The old saying in my business is "if you aren't willing to take the risk, why should the bank?" And you are correct about owner financing today. The new forclosure laws have all but eliminated that. A good community farm bank is still your best choice.
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