|
Tractor Talk Discussion Board |
Re: OT Any mortgage smarts people out there?
[ Expand ] [ View Replies ] [ Add a Reply ] [ Return to Forum ]
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:
Home
| Forums
| Order Support
Today's Featured Article -
Restoration Story: 1941 John Deere B Row Crop - by Anthony West (UK). The 1960's promise of white hot technology, to relieve us of the drudgery of everyday work and to replace it with increased leisure time has not materialised just yet....if anything most people are caught up in an ever increasing rat race, wishing that there was at least 36hours in a day!!!. The need for people to escape for periods of relaxation in an increasingly complex and pressured environment takes us into the realm of hobbies. For some it's scaling high mountains for others it's putting p
... [Read Article]
Latest Ad:
For sale Farmall super A tractor is complete and has just been setting for awhile,it was running when pulled out of the barn,shouldn’t take to much to get it going asking 1100.00
[More Ads]
Copyright © 1997-2026 Yesterday's Tractor Co.
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V. Yesterday's Tractors - Antique Tractor HeadquartersWebsite Accessibility Policy |
|
