A few related issues.
1) When I attempt to enter a home equity loan on a property with an existing mortgage (i.e. not fully paid off) it gives a #NUM error for the original mortgage, expenses it.
2) If I enter a home equity loan on a home with no existing mortgage, it doesn't calculate any payments towards the loans. That is, no matter what I put for the loan term, it doesn't generate a payment schedule and the home equity loan balance keeps increasing
3) For HELOCs on a property with an existing mortgage, no matter what I do it increases values in the "annual expenses" column for property expenses PRIOR to the HELOC started (e.g. all the way back to the start to the homes first mortgage.
I can't figure out if I'm doing something wrong when entering Home equity loans and HELOCS. Perhaps this feature can't be used except for full paid off homes?
Let me put this more succinctly after playing around a bit. It seems that home equity loans and HELOCS are increasing monthly property payments PRIOR to the origination of the new/second loan.
Edited to add: I cleared all equity loans from all scenarios and restarted and not it seem it does not affect "prior" mortgage payments. But I still see no payments for towards home equity loans regardless of the payment term I select.
@stkeros I set up each of these cases using PRC2023.3.4 and did not see any of the issues you're reporting here. There is no design limitation related to home equity loans or HELOCs on properties with existing mortgages, but I cannot determine whether you're doing anything wrong or not without seeing your actual file. So, would you please email me (at mail@pralanaconsulting.com) an export file that exhibits the issues you're describing? With that file in hand, I'll be happy to take a look and try to identify what's going on.
Thanks,
Stuart Matthews
I sent an email but also just in case this is a problem for others...
I attached a screenshot of the issue, which shows a home equity loan (20 year payment period) taken out but then then mortgage payments are not affected and when the original mortgage runs out payments go to zero when I had assumed that the home equity loan with a 20 year period would still be in repayment.
@stkeros I received the file, thanks! This problem is related to a regression error that existed in PRC2023 v3.1 but resolved in PRC2023 v3.2.2.
Stuart
