Eric's Credit Community

This loan will be used to help pay income taxes for my parents. They bought a home to be closer to us and help take care of our 2 kids. In doing so they took a large disbursement from their IRA to pay off the mortgage on their previous home and make a down payment on the new home. This has left them with a very large tax burden this year of which their only option of paying is to take another large amount from their IRA, which in turn will double their income tax next year. In order to prevent them from draining their retirement savings paying these taxes I would like to pay as much of the tax as I can. They are saving me $12,000 a year in child care cost and I would like to do all I can to help them as they have done so much for us. I currently have $10,000 from savings and am seeking additional funds to cover more.

My personal financial situation is very strong.

• In addition to owning my primary home, I own an investment property which provides an additional $1200/mo. income not listed. (mortgage of $740/mo.) I considered a HELOC but the upfront fees of $2000-$3000 and 4-6 week time frame don’t work for me.
• My wife also has an income of approx. $60,000 annually as a teacher (very secure).
• No car payments, credit card balances are paid off in full each month.

Thank You for your consideration. Please feel free to inquire if you would like additional information.

Had a few bids at 7.09, relisted with higher rate to generate greater interest. pun intended :)