Mortgage I hold, suspend payments and interest, still show as an asset.

groverhavens
groverhavens Member ✭✭
edited January 2023 in Business and Rental Property Tools (Windows)
I hold the mortgage on my daughters home. I would like to suspend payments and interest. It is part of my Trust.
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  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓
    groverhavens said:
    I do not want anymore payments or interest on the loan. The loan would show as an asset only.
    In that case simply delete the scheduled payment reminder. The loan will remain at the current balance.

Answers

  • groverhavens
    groverhavens Member ✭✭
    Suspend mortgage payments and interest.
  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭
    So, if I understand you correctly, you have defined a "Lender Loan" (in Quicken speak). Your daughter is supposed to repay you in xxx regular monthly installments, with interest, until she has paid off the loan.
    It's possible to skip a monthly payment reminder, thus extending the loan period, but I just don't think that Quicken will be able to charge interest for the missed payment(s) and recalculate interest amounts for the remaining payments accordingly.
    You may want to create a Test data file, set up a Test lender loan with the current loan's details and see what happens when you skip payments.
  • groverhavens
    groverhavens Member ✭✭
    I do not want anymore payments or interest on the loan. The loan would show as an asset only.
  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓
    groverhavens said:
    I do not want anymore payments or interest on the loan. The loan would show as an asset only.
    In that case simply delete the scheduled payment reminder. The loan will remain at the current balance.

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