MRN Payoff

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ID Status Date Public/Private Industry AHACPA Contact
#17875 Closed public Multifamily Les Sparks
Customer Reply

Les,
Our client paid off its MRN in 2022 and the balance of 2021 surplus cash was applied to accrued interest on the Contingent Repayment Note.  The Deed of Trust on the CRN says P&I due at maturity.  Am I correct that HUD’s intention is for payments to continue under the same terms as the MRN even though that is not spelled out anywhere?
Les Sparks

Dawn, I cannot imagine any other option. HUD wants it paid that we know for sure. So, after each calculation of surplus cash they will still require a 75% payment. You can always do an experiment – just do not make the payment at the next calculation and see if SEBA is anxious about it…  😊

 

Les Sparks
AHACPA | 459 N 300 W #10 | Kaysville, UT 84037 | Phone: 801-547-0809
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From: AHACPA Support <support@ahacpa.org>
Sent: Tuesday, February 7, 2023 9:19 AM
To: les@ahacpa.org
Subject: MRN Payoff [NEW]
Customer Reply

Thanks. That’s what I figured!

Dawn R. Wynn, CPA
Browder & Associates, PC
cell  (205) 249-6038
office (205) 803-2193
On Feb 7, 2023, at 12:31 PM, AHACPA Support <support@ahacpa.org> wrote:


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