Re: OT Any mortgage smarts people out there?

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.

Replies:

• Re: OT Any mortgage smarts people out there? James22 15:39:12 08/11/07 (0)

Add a Reply Name: E-Mail: Subject: Comments: Optional Link URL: Link Title: Optional Image URL: Email Notification: If you check this box, email will be sent to you whenever someone replies to this message. Your email address must be entered above to receive notification. This notification will be cancelled automatically after 2 weeks.

TRACTOR PARTS	TRACTOR MANUALS

We sell tractor parts!  We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]