North County Mello Roos/HOA Verse Older Neighborhoods

[sdduuuude]

[quote=harvey][quote=sdduuuude]See an older piggington thread to read about paying off your Mello-Roos early. Basically it is a loan payment on a 9% interest loan. Borrowing at 4% to pay it off could pay-off. It should allow you to ask more when selling, though not all feel that way. Maybe when buying, ask the seller to get a payoff amount for the M-R.[/quote]

It never hurts to check but most bond rates today are now much lower than 9%. They were that high years ago but most issued today have lower rates and many cities have refinanced the higher-rate bonds.[/quote]

Most MR bonds in CV were issued years ago, not recently.

[sdduuuude]

[quote=flu][quote=SK in CV][quote=flu]
Ok, I’ll try calling again. But I already did twice.[/quote]

I’m thinking that calling isn’t what’s necessary. Find the actual document, the MR Bond. Read the language in the bond and find out if there is anything that prohibits early pay-off. That document is binding. Not what someone on the phone says. The servicing agent is (probably) not a party to the contract.[/quote]

Gotcha[/quote]

Try this guy: Bob Quaid at Willdan Financial Services.
[email protected]

He was responsible for spelling out and collecting special school fees before I could pull my permit. I doubt he is the right guy, but suspect he could direct you to the right place.

[Coronita]

[quote=sdduuuude][quote=flu][quote=SK in CV][quote=flu]
Ok, I’ll try calling again. But I already did twice.[/quote]

I’m thinking that calling isn’t what’s necessary. Find the actual document, the MR Bond. Read the language in the bond and find out if there is anything that prohibits early pay-off. That document is binding. Not what someone on the phone says. The servicing agent is (probably) not a party to the contract.[/quote]

Gotcha[/quote]

Try this guy: Bob Quaid at Willdan Financial Services.
[email protected]

He was responsible for spelling out and collecting special school fees before I could pull my permit. I doubt he is the right guy, but suspect he could direct you to the right place.[/quote]

Thanks! I’ll try that too. Maybe the bond rate is low, so this probably won’t be an issue. Still, beats leaving cash in a <1% CD.

[Anonymous]

The CD is a helluva lot more liquid.

[Coronita]

[quote=harvey]The CD is a helluva lot more liquid.[/quote]

Yes, but frankly I have too much cash on hand right now. I’d rather reduce my operating costs to keep a house that generates no income even lower.

[oceanbreeze]

I paid off MR in PUSD 6 years ago. I was lucky to pay off MR when bond interest rate was high, so the pay off amount is much smaller compared to right now, because MR authority most likely refined more debt w/ much lower interest rate.

[oceanbreeze]

agreed. but you can pay off MR for solanna beach school district, i.e. PHR homes.

[hale2]

[quote=flu][quote=SK in CV][quote=flu]
Ok, I’ll try calling again. But I already did twice.[/quote]

I’m thinking that calling isn’t what’s necessary. Find the actual document, the MR Bond. Read the language in the bond and find out if there is anything that prohibits early pay-off. That document is binding. Not what someone on the phone says. The servicing agent is (probably) not a party to the contract.[/quote]

Gotcha[/quote]

Any luck in paying off the bond? I had also been told when I called in that the bond couldn’t be paid off in advance.
Thanks

[Author]

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