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Re: What's a "cure default" amount for a private loan?

  
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Subject Author Date
Re: What's a "cure default" amount for a private loan? nomail1983@hotmail.com 09-28-2007
Posted by nomail1983@hotmail.com on September 28, 2007, 4:00 pm
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>> Seriously, I don't think the reasons for my inquiring about
>> such ancient history should be needed in order to answer my
>> questions.

> Normally, no. But your reasons might give information that
> could help figure out what this is all about, and how to solve it.

Ohfersure, in general. I wasn't saying: "I don't know why
you are asking for my reasons". I was saying: "I
understand enough about the problem to know that knowledge
of the circumstances will not help to answer my questions".

Quite honestly, based on these very informative responses, I
am coming to the conclusion that my uncle simply screwed up.
Either he is misusing the terminology (I suspect, as others
have said, that the figure labeled "cure default" is really
just the unpaid principal), or his arithmetic makes no
sense. Wouldn't be the first time; for example, in the same
set of records, he variously shows a balance of $93,815 and
$49,420 for this loan as of 10/31/2001, with no indication
of any payments. Indeed, the figures that I provide assume
(or assert) that there were no payments.

I cannot vet and correct the arithmetic because I do not
know of the original terms of the loan. The records are 350
miles away, and the recordkeeper wouldn't know up from down.

I realize I am missing some (large?) pieces of the jigsaw
puzzle. But I was hoping that someone could fill them in.
Sigh, probably not. But I appreciate the effort. Thanks to
all.

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Posted by Stuart Bronstein on September 29, 2007, 3:44 pm
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>>> Seriously, I don't think the reasons for my inquiring about
>>> such ancient history should be needed in order to answer my
>>> questions.

>> Normally, no. But your reasons might give information that
>> could help figure out what this is all about, and how to solve it.

> Ohfersure, in general. I wasn't saying: "I don't know why
> you are asking for my reasons". I was saying: "I
> understand enough about the problem to know that knowledge
> of the circumstances will not help to answer my questions".

Unless you know the answer to the question, you really can't
say that with any assurance.

> I realize I am missing some (large?) pieces of the jigsaw
> puzzle. But I was hoping that someone could fill them in.
> Sigh, probably not.

Unfortunately not without more information.

Stu

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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