Loan track spread sheet?

[Boomyal]

Here is what I need. I hope someone can point me in the right direction.

My wife just purchased a Mortgage loan from the bank. The mortgage is for part of the property that is owned by a small family partnership. The monthly loan payment was made from the rent of the property. The tenant just went bankrupt, essentially invalidating the lease plus putting a halt to any rent payments.

My wife's partners are in no shape to pick up the mortgage payment plus that would have been a book keeping nightmare to keep track of who paid what, etc etc.

My wife can sit on the loan, allowing it to accrue interest, until the property sells. There is no more bank to add late fees, increased interest rates and then an eventual firesale to cover their loss.

The bank sent us an Excel spread sheet that you can record payments on. It will break out the interest and the principal and give a running principal balance. However it will not do what we need.

We need a program that will calculate the accrued interest (with running balance) on a monthly basis and add it to the principal balance. We also need to be able to list any 'fees and charges' that might occur and have the program add those input charges to the principal balance. There will be NO payments made for the duration of this loan and that is what the bank spreadsheet is designed to track.

Any Suggestions? I am not an Excel engineer nor do I care to become one.

 

[Harritwo]

Re: Loan track spread sheet?

Here is what I need. I hope someone can point me in the right direction.

My wife just purchased a Mortgage loan from the bank. The mortgage is for part of the property that is owned by a small family partnership. The monthly loan payment was made from the rent of the property. The tenant just went bankrupt, essentially invalidating the lease plus putting a halt to any rent payments.

My wife's partners are in no shape to pick up the mortgage payment plus that would have been a book keeping nightmare to keep track of who paid what, etc etc.

My wife can sit on the loan, allowing it to accrue interest, until the property sells. There is no more bank to add late fees, increased interest rates and then an eventual firesale to cover their loss.

The bank sent us an Excel spread sheet that you can record payments on. It will break out the interest and the principal and give a running principal balance. However it will not do what we need.

We need a program that will calculate the accrued interest (with running balance) on a monthly basis and add it to the principal balance. We also need to be able to list any 'fees and charges' that might occur and have the program add those input charges to the principal balance. There will be NO payments made for the duration of this loan and that is what the bank spreadsheet is designed to track.

Any Suggestions? I am not an Excel engineer nor do I care to become one.

I will look and see if i can find the program i had. My dad wrote it because he was selling a couple of rental properties and was carrying the mortgage. I believe is was in excel, in you can send me an email with what you need and i will look when i get home tonight.
EDIT Removed email address, please use PM's

 

[bruceb58]

Re: Loan track spread sheet?

I can modify it for you. Send me a PM.

 

[bruceb58]

Re: Loan track spread sheet?

KRS,

You need to read his first post again. The tenant is leasing the property. He doesn't hold the note. The family holds the note. The family owns the property. He just wants to keep track of the accrued interest and add the amount to the principal until they sell the property so that he can get reimbursed for accrued interest and fees.

 

[Boomyal]

Re: Loan track spread sheet?

KRS,

You need to read his first post again. The tenant is leasing the property. He doesn't hold the note. The family holds the note. The family owns the property. He just wants to keep track of the accrued interest and add the amount to the principal until they sell the property so that he can get reimbursed for accrued interest and fees.

This is all correct. The property is owned by a California Partnership made up of 5 cousins. My wife is one of the 5 cousins and has a 43% interest in the Partnership. Because of the fact that the partnership (one vote for each partner, not a percentage ownership vote) has been intractable in the affairs of the partnership, ie, refusing to act these last 3.5 years while the Tenant has not paid its full rent, my wife purchased the mortgage loan from the bank.

This she did as an individual, not on behalf of the partnership that holds title to the property. Now with the Tenant going bankrupt and being unable to fulfill even the barest rent payment (that which was paying the mortgage and property taxes), the mortgage will go unpaid.

As such my wife now holds the power to foreclose on her own Partnership and put the property up for sale without having deal with her recalcitrant partners.

She simply needs an easy way to keep track of the accruing interest and any other related expenses that she might incur, so that when the property sells, as lien holder, her investment can be repaid before any of the remaining equity can be distributed out to the partners.

It was a fail-safe way to gain control, to keep the Bank from increasing the interest rate and heaping on late payment fees, then putting the property up for a quick fire-sale and to protect her part of the equity. (patting myself on the back)

 

[bruceb58]

Re: Loan track spread sheet?

Sounds like a good plan. I basically did the exact thing on a partnership that I had except I ended up actually getting my partner removed from the property. Fortunately, our agreement allowed that to happen but not before he filed bankruptcy and made it a big mess.

Good luck getting your tenants out now that they filed bankruptcy. That often requires a trip to bankruptcy court before you can execute an unlawful detainer.