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#763426 - 06/28/07 03:41 PM Const/Perm...
Georgia Golfer Offline
Gold Star
Georgia Golfer
Joined: Jun 2003
Posts: 415
1st Tee
We did a const/perm for $180 last year that was reported as a purchase. Now, the house is still not finished and we just added a 2nd mort for $64 to complete construction. This loan has a 6 month term and will be combined with the 1st at modification and sold in the 2ndary. My question is, do I report the $64 as a 2nd mort for a purchase or do I not report it at all since the term is 6 mo int only with 1 payment scheduled. even though it will be combined with a loan that we've already reported....the more I think about it, the more confused I get. I can argue with myself both ways on this...

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#763708 - 06/28/07 05:44 PM Re: Const/Perm... Georgia Golfer
Mrs. Rizzo Offline
10K Club
Mrs. Rizzo
Joined: Mar 2006
Posts: 10,392
Curled up by the fire...
the 2nd appears to be temporary financing so I would not report it
Take responsibility for your life.

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