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Deductions & credits
How does this process change if there are overlaps in the two loans?
For example, my original mortgage form Home 1 was from 2016 for $250K. As of 1/1/2022, the loan balance was $175K. Home 1 was sold on 8/15/2022, with the final loan balance of $165K at closing.
I bought Home 2 on 5/15/2022 with a mortgage amount of $770K. The loan balance for Home 2 on 12/31/2022 was $760K.
So there are 3 months of overlap with the two mortgages, but neither was in place for the full year so the default calculation in TT feels too punitive.
Can I still use the same process as the above response when the loans did not overlap or are there are additional steps/calculations that have to be followed in this situation?
‎April 17, 2023
3:39 PM