Big John Posted November 16, 2011 Share Posted November 16, 2011 The first thing I would do is take out a new 15 year mortgage as rates are at historic lows... That is horrible advice. Now is the time to walk away. With the backlog of foreclosures right now, you can live there for a good 12-18 months completely rent-free before the sheriff comes to evict you. Why would you take on debt? Even if you get a 3.25% rate (let's call it 2.43% after writeoff assuming 25% tax bracket and that you have enough deductions to make it worth itemizing and not just take the standard deduction), where can you park the cash (cause you are advocating he cash out his equity I assume, not stretch $4k over 15 years) and get a risk free return greater than 2.43%? AG works for a mortgage company. Quote Link to comment Share on other sites More sharing options...
alexgaddis Posted November 16, 2011 Share Posted November 16, 2011 AG works for a mortgage company. Quote Link to comment Share on other sites More sharing options...
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