Will my mortgage be paid in full a good move?

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I bought a house in 2007 and my rate to 6.75% of the original loan was $ 175,000, I’ve included the original price of the house was $ 215,000, but I managed to get for $ 175,000 . I paid for 3 years and my balance is (speak of how banks to deduct the people) still $ 160,000. Anyway, my payment over $ 1100 per month (excluding Scrow) $ 1,700 with Scrow. His highly sought after community (sold by the way), Texas (which is why its cheap). I am not currently living in it, because it was like the property / rental investment since I bought it, I’m sitting next to 60,000 in one account, which gives me the benefit of 0.9 %, and I am able to save about 2-3k extra per month depending on the month. My mother is willing to lend me $ 90,000 to pay the mortgage in full. ? But the question is should I do if I have to pay for the house, I should pay my mother with interest and agreed to pay $ 2500 – $ 3000 per month for 3 years, amounting to approximately $ 108,000 ($ 18,000 [in the interest of not a bad investment for you]) My reasoning for this is that I prefer a certain interest paid to my mother (3 years) to pay more than 25 years (about 200,000 of interest) to some hole ass (investor), the I do not know and whose leaders say four-fifths of my monatlich.Für mortgage interest tax relief to those so precious Tada Tada, I do zutreffen.Eine something else I forgot I was once full payment, I expect the purchase of my brothers house because its toxic assets to him (9.75% annual rate), only to him of the intense interest that the food he is alive entlasten.Egal, what should I do? Thank you!
Need advice of a lawyer / person with experience – I live in Texas, where they can not gaudy salaries. I am married with one daughter and another on the way and win just enough to get by. My wife does not work. We have 30,000 in student loans from 10 to 15,000 of credit debt 25,000 for our 2 cars and over 80,000 on our house. We literally have 0 equity in one of them, because our interest rates were so high when we have the rental car. I pay just a plumber, we could not, after finishing the job and it will probably the first of many, we can not pay our credit cards anymore because we do not continue behind the mortgages and cars. If the judge of the court requires me what happened, n

10 Comments
  1. Reply
    Bridgeridoo
    February 21, 2011 at 4:11 pm

    If you can afford to pay it all at once then do so.

  2. Reply
    the kid
    February 21, 2011 at 4:36 pm

    “I have paid 3 years and my balance is still $ 160,000 (talk about how banks rip people off)” – That’s how interest works. It’s not a rip off.

  3. Reply
    Shamus
    February 21, 2011 at 5:02 pm

    It’s always a good idea to rid yourself of debt. Go for it.

  4. Reply
    mayo_carl
    February 21, 2011 at 5:42 pm

    yes, pay it off

  5. Reply
    Andy
    February 21, 2011 at 6:13 pm

    If there is any way you can pay off your mortgage without being hit by too heavy a penalty, then do so. A mortgage is one of the worst investments you can make, and the rate of interest charged would be criminal in any other case. $ 18,000 in interest is a complete bargain by comparison, and as you say, keeps as much money as possible away from the parasitic scum who want to bleed you dry.

  6. Reply
    Clanad
    February 21, 2011 at 6:19 pm

    It definitely seems to make sense to pay it in full.

    Just remember that you will probably have to pay the bank extra for not going though with the full 25 or whatever years you were suppose to pay. (I know because my husband and I recently got a mortgage for a home renovation and was disappointed to find out that you cannot fully repay it before the time is due without paying extra).

  7. Reply
    Andrew
    February 21, 2011 at 7:05 pm

    YOU NEED TO FILE FOR PERSONAL BANKRUPTCY SO CREDITORS HAVE TO LEAVE YOU ALONE, BUT YOUR CREDIT RATING IS NOW FINISHED FOR LIFE! AND ANY FUTURE MONEY WILL BE GARNISHED! THIS IS JUST THE FACTS

  8. Reply
    Father Christmas
    February 21, 2011 at 7:27 pm

    You are definitely up a creek. Most states recognize the idea of a “mechanics lien”. This means that if they fix something that belongs to you, like work on a car or home, then they can basically step-in and take that item or at the very least, prevent you from selling it, in order to settle the debt.

    In your case, since the plumbing work was probably done to your house, they can basically go to the bank or mortgage company and place another lien on your property. This means that even after you are done paying-off the property, you still won’t own it.

    Be careful! They can also add interest charges to the highest amount allowed by state law. So, this means that a $ 2,000 debt today may becoming a $ 10,000 debt later.

  9. Reply
    M R
    February 21, 2011 at 7:49 pm

    paying on a judgement is the right thing to do. however, the courts can not follow up on these things. the plumber will have to take you back to court – this can take quite a while. in the mean time, try to make minimal payments to them. even $ 20 a month will show an effort.

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