Posted on 02/21/2006 6:40:03 AM PST by wjersey
Not true, you can cashout a 401k anytime.. you pay a heavy tax penalty, but you can cash it out.. same with an IRA.
Any lenders we used disregarded those balances as assets. Perhaps because we certainly had others available!
Don't sell yourself short. You'll share in the blame.
First, welcome to the forum. Second, you can add "...thanks to a blatantly biased media..." to your post to make it more accurate.
You may not be familiar with this, but this is not at all uncommon. In fact, I have friends who are doing the exact same thing with their school district. I believe there may even be a national private program that helps parents do this.
Oh, you can touch it - if you are willing to pay the tax penalty.
Congresscritters don't earn all that much. But they all retire multi-millionaires. Go figure.
Did they mention John Kerry and his 12 million dollar mortgage on his Beacon Hill home? That was interesting but not to the Democrat diggers of candidate information. We await the credit rating on Santorum. They did one on Lt Gov Steele of Maryland. Chuckie Schumers office girls must be slipping?
"Good-government experts said the mortgage from The Philadelphia Trust Co. raises serious questions about Santorum's conduct at a time when he is the Senate GOP's point man on ethics reform. They said it would be a violation of the Senate's ethics rules if Santorum received something a regular citizen could not get".
I WANT A COMPLETE AND TOTAL AUDIT OF kerry's MORTGAGES, AND FINACIAL LOAN DEALS! I WANT IT NOW!!!
LLS
and these are all 5 year loans? what are their monthly payments like?
Were you shooting for a loan of less than 1/2 the value of your home? Most lenders will loan you 1/2 the value of home without any documentation... or income verification.
This is a house worth over 1MM most likely and they only took out a 400k mtg when they bought it for 650k.. now that mortgage may or may not have been paid off... and/or they may have used this 500k to pay that off and liquify some equity.. or they could have taken a true second. The first 2 would have been NO brainers for any bank to do.. the third option would have just been a matter of how close that second plus the first came to the homes value.
Like I said this article is dubious at best.
Interesting article. Thank you for posting it.
About Smerconish- his show bittered for me sometime last month.
Hey, I don't like Kerry any more than anyone else here. I lived in MA for a number of years and had to suffer from Tweedle-Dumb and Tweedle-Dumber being my senators
But that doesn't excuse behavior on the other side of the aisle, either. And when you put together the mortgage, the bizarre charges to the PAC and the low giving percentage of the charity...it looks bad.
In a way, it does "excuse" it. Because if the media could not find its way to investigate or find fault with John Kerry, Hillary/Bill Clinton, etc., why on Earth would we suddenly take seriously a hit piece on a vulnerable incumbent coming out during a campaign season? There's no "there" there.
The problem is the five year part for the $500K mortgage. Even assuming a 1% interest rate it still works out to over 8500 dollars a month. $215 is higher than my salary but not by all that much and there is no way I could come up with that amount of money on a monthly basis.
As mentioned by another poster, it's probably amortized over 30 years with a ballon payment due at the end of 5 yrs.
Oh, s**t! As if Santorum doesn't have enough problems.
If this can be cleared up in a short time, there's no lasting damage. But if there's something to it...well, I think we all know the answer to that.
"He has the LOCAL pa school district PAY for his kids to have long distance schooling."
At 4% interest the payment on this loan would be just over $9200.00 per month, that is without any taxes, insurance, etc. If he is as strapped for cash as he says, this isn't exactly something that REFINANCING will help. But I'm sure you've already thought of that.
I don't know what you're talking about...500,000 loan at 4% is less than $3,000 a month including everything. Tell me how you came up with $9200...
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