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Private & Independent Schools
Reply to "FA shouldn't go to people with 1 million dollar houses"
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[quote=Anonymous] If I were to sell my $1M house - buy a $500 home 20% down $400 mortgage with I can't afford so maybe $300 mortgage - is that okay - use some of the equity to buy the house down to my original mortgage - did I get your approval for that? So now I have $400K in equity which 50% goes to the IRS so now I have $200K in equity minus closing costs for buying and selling, - which is about 2 percent of a million which is $20,000 + $10,000 in points and surveying and loan origination, etc not to mention the cost of moving, time off of work so I have whopping $170,000. So I just went from $700K in equity in my house to $200K in equity and $170K. I have just thrown away over $300K. [/quote]
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