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News on the refi (sort of)

March 10th, 2015 at 03:38 pm

The broker asked me last night about the 2nd mortgage on the duplex; we'd forgotten to discuss at all. I told him it was still there in full because my payments are interest-only at this point.

He said he wasn't sure if he could do anything, since that loan would need to be paid off for a streamline refi with no appraisal. Or he could talk to the appraiser about the likelihood of a high enough valuation to roll the 2nd loan into the refinance.

I'd already been thinking about throwing everything I have (including taking out the line of credit and reserve line I have with my bank) to both get out from under the condo and pay off the crazy duplex seller.

I was torn because the interest rates on the LOC and reserve line would be higher than what I'm paying the seller, but at least I could pay them down piecemeal without being worried it wouldn't get tracked (which I worry about with the seller) and I wouldn't have to worry about him not cashing the checks each month (he still hasn't cashed the March 1 check I sent out Feb 25 and I'm braced for a nasty email from him!).

But, if it meant the difference between a cheap refi of our main duplex mortgage, maybe it would be worth the higher payments to the LOC & RL, because we'd be saving hundreds monthly on the mortgage (plus not having to pay $118 per month to the seller).

I'd be cleaned out, pretty much, but not for long. And in the long run it'd be a big weight off my chest.

So I asked the broker to get me quotes assuming I'd pay off the 2nd duplex mortgage. Once I see how much we could save per month, I'll decide whether it's worth a little hustling or not!

Posted in Uncategorized | 2 Comments »

2 Responses to “News on the refi (sort of)”

  1. snafu Says:
    March 11th, 2015 at 04:03 am 1426046612
    1426046612

    What are the current interest rates on LOC & RL? What is the actual dollar savings offered by duplex seller? I don't understand why you are letting that guy get away with his nasty behaviour. I used to teach a course called 'Dealing Effectively With Difficult People' and the research made it clear that people like your seller repeat this behaviour because it's successful for them. The people they bully are so surprised by their abhorrent behaviour they just knuckle under. Perhaps it's time for NT to take the reins and tell the guy to 'fly right,' cash cheques on time and stop the harassment/inappropriate language etc.

    What do you think?

  2. ceejay74 Says:
    March 11th, 2015 at 02:44 pm 1426085093
    1426085093

    I should lay out all my interest rates so I can figure this out. I'll do that in another post shortly, if I get a chance.

    I should say that the seller hasn't interacted with me at all this year, except a civil email when I asked for a tax document. It's just that he always cashes the checks late, and I'm braced for nastiness because I can't be sure if he's received it or not. I never want to email him about it because I don't want to unleash a barrage if I don't have to.

    Our friend/downstairs neighbor is a lawyer, and he's said that if the seller ever does rip into me again, to let him handle it. So I suppose I shouldn't be worried. I just don't like unpleasantness and confrontation.

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