Financial Mortgage Statistician
Budget: $5,000 – $10,000 USD
In 2006 we purchased a duplex and a triplex in Southern California utilizing trust deed loans from Countrywide Home Loan. The loans secured by the TDs were on the pay-option ARM format.
We did something that seemed unusual but turned out to be prescient: we paid points to buy the interest rate on the loan down to MTA( Monthly Treasury Average) plus 1%. MTA fell substantially shortly after our purchase and reduced our interest cost to 2.0% or less.
Shortly after these 2006 purchases we noticed that the amount of our monthly mortgage payment going to principal exceeded that going to interest, which is highly unusual and very favorable.
Unfortunately, a private second TD lender forced both of these properties to sale and we lost the benefit of the pay-option ARM rate and MTA buy-down. However, we recently obtained a favorable verdict from the Court of Appeal that the forced sale was illegal and at the new trial we want to collect the full value of what we would have today but for the improper acts of the second TD holder.
Please let us know if you are familiar with loan amortization schedules and would like to prepare a pro forma estimate of how low the loan balance would be now but for the illegal interference of the second TD holder.
Thanks.
Steve Forde
818 552-2650
We did something that seemed unusual but turned out to be prescient: we paid points to buy the interest rate on the loan down to MTA( Monthly Treasury Average) plus 1%. MTA fell substantially shortly after our purchase and reduced our interest cost to 2.0% or less.
Shortly after these 2006 purchases we noticed that the amount of our monthly mortgage payment going to principal exceeded that going to interest, which is highly unusual and very favorable.
Unfortunately, a private second TD lender forced both of these properties to sale and we lost the benefit of the pay-option ARM rate and MTA buy-down. However, we recently obtained a favorable verdict from the Court of Appeal that the forced sale was illegal and at the new trial we want to collect the full value of what we would have today but for the improper acts of the second TD holder.
Please let us know if you are familiar with loan amortization schedules and would like to prepare a pro forma estimate of how low the loan balance would be now but for the illegal interference of the second TD holder.
Thanks.
Steve Forde
818 552-2650