Home     Forum     401k     401k Rollovers
    Register   Login   Members   Search   FAQs     Recent Posts    

Financial Dilemma

Reply to topic
Money Talk > Real Estate

Author Thread
New Member

Cash: $ 0.70

Posts: 3
Joined: 13 Aug 2016

Financial Dilemma  Reply with quote  

We are a couple & are 60. Both working currently, healthy & plan on working for years to come. Have an IRA with a financial company in the amount of $300K. We are both contributing to our 401K's but only 2K currently in both.

The issue is that we have been in foreclosure & appears the bank will not do a loan mod, so will have to move out in a few months & a short sale will ensue. We also have a 2nd mortgage which we are current in.

We are contemplating purchasing a townhouse for $180K cash & deplete the IRA. Our monthly fees to include maintenance, HOA & insurance will be $500/month, but we will own it.

Our financial advisor has suggested we simply rent & purchase in a few years with a mortgage as this will be devastating to our retirement fund. We understand we will be paying taxes on the $180k of probably 20%.

Renting will be $1500/month & at a minimum will spend $36K in 2 years before any company will give us a mortgage loan.

Any suggestions will greatly appreciated! Thanks!!!
Post Sat Aug 13, 2016 2:29 pm
 View user's profile Send private message
First Time Poster

Cash: $ 0.20

Posts: 1
Joined: 06 Sep 2016
Location: pakistan
Banking and Finance Career Guide for students and bankers.  Reply with quote  

BANKTHEORIES.COM is a rich resource of Bank or Banking knowledge. Banking is one of the preferable careers after Administrative service. People get respect when they join Bank. It is well paid, secure and status career. The best part of Banking Career is, you can choose the career after any Degree in any Discipline. The increase of Banks in world wide adding more and more job opportunities in this sector.

Now a days, Banking is the main pillar for Financial transaction. Choosing the Banking Career is not a wrong idea at all. To join Public Sector Banks you have to undergo the banking Test Conducted by the authority is conducting preliminary examination to join banking system.

These websites will guide the students of Bank, Bank Management, Banking Diploma and also for the banking professionals to prepare banking examination for in the better way.
Post Tue Sep 06, 2016 6:41 pm
 View user's profile Send private message

Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      

Money Talk © 2003-2018