how do I extend payments for a loan [I am the lender]

lepetomane2
lepetomane2 Member
edited April 30 in Investing (Windows)
I hold a mortgage for another person [set up as an asset]. The loan has a fixed payment and is set up for final payment in a month with a balloon payment. How do I change the final date and let the regular payments continue for the next 8 months?

Best Answer

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Answer ✓
    I suggest you reset the original length of the loan by the additional 8 months: select Edit Terms...  Quicken should recalculate the payment for the current balance.  You may then adjust the payment reminder.  

    Always save a backup before making any significant changes to your Quicken file: press Ctrl + B

Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Answer ✓
    I suggest you reset the original length of the loan by the additional 8 months: select Edit Terms...  Quicken should recalculate the payment for the current balance.  You may then adjust the payment reminder.  

    Always save a backup before making any significant changes to your Quicken file: press Ctrl + B
  • lepetomane2
    lepetomane2 Member
    Thank you for your response. Right after I posted the question, I called Quicken support. He couldn't help, and we left it that I would leave things as is and manually enter the regular payment each month (taking the final [small] interest payment next time and the principal payments for the remaining months). Then I saw your response and created a copy of the file to test my edit of the original loan from 15 to 16 years. That also works, and I will probably keep both files for the next couple of payments to check it out. Thank you again for your assistance and expertise!
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