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| Say I have a loan for $65,000 on a tractor and one for $120,000 on some land. Payments and interest are the same on both. Say i clear enough money to pay off the tractor this year.
First of all, would a bank grant a forbearance on the land loan to pay off the tractor this year? If so, would a person be wise to do this?
My logic behind this is that the tractor is losing value through wear and tear and depreciation, whereas the land is gaining value. Seems like I'm losing double on the tractor from interest and depreciation.
Edited by crabbynuggets 6/26/2012 01:13
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Forbearance on mortgage to pay off tractor
