Home loan now has ballon payment aftr update to 2020

So I bought/installed Q2020 deluxe as my 2017 was going out of service
I loaded my 2017 Q data file after copying and doing a validate on it
in Q2017 before it was "forced uninstall".
I have a single home loan that is a straight 15 yr monthly amortizing
loan. After upgrading to Q2020, the loan shows a balloon payment for
the current outstanding balance. For the May payment, I edited the
payment using the data from the servicer. That updated my balance but
it now shows a balloon payment with the new balance for June. I can't
find anywhere where this balloon payment is being set in the loan terms
Everything that is shown on the loan terms is correct. Any ideas? Q2020
Deluxe R26.21
Reply to
scott s.
" ... it was "forced uninstall".
Quicken does not require ("force") upgrading to a newer version for a user to continue to use Quicken.
A Quicken install defaults to removing previous versions ... but does not require their removal. But it's not clear why the removal of your previous version is pertinent to your problem.
"For the May payment, I edited the payment using the data from the servicer."
It's not at all clear why you did that.
First of all, you did not specify anything about the loan; including whether you created a manual loan in Quicken. Nor whether you have ever modified any other Quicken loan payment transaction for that loan.
" ... it now shows a balloon payment with the new balance for June."
Assuming you created a Quicken manual loan (and this is the first loan payment transaction you have modified):
If you had Quicken create a loan for a real-world "traditional mortgage", there should be no reason to modify any loan payment transaction.
If your loan payment modification reduced the principal payment expected by Quicken, that might cause Quicken to believe that your future payments would not pay off the loan principal by the conclusion of the loan ... causing Quicken to create a balloon payment.
But a "balloon payment" typically occurs on the final payment for the loan - your post suggests that you think you have a balloon payment "for June". Is the June payment supposed to be the final payment for the loan?
Reply to
John Pollard
in news: snipped-for-privacy@googlegroups.com:
When I installed Q2020, it clearly stated only one version of quicken could be installed on a single machine, and the install did wipe my Q2017.
I don't remember if there was such a thing as "manual loan" when I created it in 2012 (can't remember which Q ver I would have been using at the time) but I guess that is what it is. It's a 15 year loan so nominal ending is in 2027. My payments calculated by Quicken were always correct and entered by simply accepting the remindered transaction in the bank account from which payments were made. I did have to adjust the "other" amount in the payment to update the escrow amount and extra principle in the payment total). That happens annually as the servicer does their "escrow analysis".
After installing Q2020, and opening (and converting what ever Quicken does when a data file from a previous version is opened initially) everything in the data file is working except for this loan. The first payment transaction was created by the software (not me!) with a balloon payment of the entire outstanding principle + the "normal" monthly interest and escrow payment. So I edited the amount of principle in the payment to the actual amount paid, and adjusted the total accordingly (so the total payment is the same dollar amount as is expected in an amortizing loan). That worked for May. The Jun payment did show again a balloon, but now (updated to R26.23) I no longer show any upcoming payments for the loan and the loan details window shows "payoff date Apr 27 2020" but "next due" June 2020 "monthly payment $89,000" (entire balance). I click on the "edit" link next to the "next due" and it takes me to a loan details dialog, but all that can be edited there is the "other" entry in the payment.
I can select the "edit terms" button which also opens a loan details dialog but all the data there is corrct for the loan. I do notice that if I reselect "monthly" in the "compounding period" drop-down it shows/enables a "recalculate" button. I haven't clicked on that yet to see what it might do.
Note that I do not have a "linked asset" for this loan.
scott s. .
Reply to
scott s.
Regarding Quicken removing earlier versions: As I noted previously; "A Quicken install defaults to removing previous versions ... but does not require their removal".
Quicken has worked as I posted for as long as I can remember.
To avoid having previous versions removed by the Quicken install process, hold down SHIFT+CTRL while making the first mouse click in the install dialog.
[I still don't believe that Quicken removing your previous version(s) is pertinent to this discussion.]
I don't think Quicken offered online-enabled loans back in Q2012. And if you're entering payment transactions using a Quicken reminder, you definitely have a Quicken manual loan.
As to your problem, it sounds to me like your loan Reminder is corrupted.
Have you checked the Quicken loan payment schedule to see that it is correct?
I had two mortgage loans in Q2017 (carried over from many even earlier versions), which worked perfectly after being opened by Q2020 (in R26.17, and they're both also working fine in a test file using R26.23). I pay some extra principal each month, so my loan transactions have 3 split lines.
It occasionally happens that some small degree of corruption goes unnoticed in one version of Quicken, but causes a problem in a newer version of Quicken.
You can try to fix or replace the existing reminder. Before doing anything, backup your current file.
One approach would be to Validate a Quicken Copy of your data. - File > File Operations > Copy - Open the Copy - File > File Operations > Validate and Repair - Validate file - OK If that resolves the problem, make the Validated Copy your regular file.
If not, you can try a super-Validate on the same Quicken Copy. All steps are the same, but hold down SHIFT+CTRL while you click Validate and Repair (and the resulting check goes in the Super Validate file box).
If the problem still exists after Validate/super-Validate, I would keep on testing in the (now) super-Validated Copy of your data. If necessary, you can always go back to the original file (which has not been modified during the testing) and redo as many steps as needed to test other possibilities. And you always have the backup you made before you started as a safety net to get back where you started.
You can try deleting the loan payment reminder (in Tools > Manage Bill & Income Reminders). Then re-create that reminder: on the Payment Details tab in the loan account, click - Edit payment details - Payment Options - Loan Reminder - OK Check the resulting reminder to see if the date and split are correct.
If the reminder appears correct, you can try entering the that Reminder in the payment account register to see that the correct split gets entered.
Reply to
John Pollard
in news: snipped-for-privacy@googlegroups.com:
Agreed. Really just to point out I couldn't go back into Q2017 and fix something then try updating my data file to Q2020 again.
It's wrong, as it shows a final payment of the entire outstanding principal balance for 5/1/2020 payment. Then there's no more payments (since Q thinks the loan is paid off).
Went back to fix this. Validate and super validate didn't find any errors. I can't edit any reminders, as Q2020 shows the last payment as the 5/1/2020 payment. So what I did was: 1. Create a new manual loan with the original start date/loan amount/ interest/compounding. 2. Entered the current loan balance and next payment date 6/1/2020 3. Edited the "opening balance" transaction on the new loan to a split with the current outstanding balance as a transfer from the old loan account and reducing the remaining amount accordingly so the total was the same. That makes my current balance in the old loan account -0-. 4. Edited the new loan payment split to show my escrow transfer amount and extra principal amount.
So I now have a new loan account with the correct balance and it looks like the future payments are correct. The old loan account has all my history and a 0 current balance.
As an aside, when I open the "full payment schedule" from the loan settings "gear", the resulting popup looks OK, but if I check the "running balance" the "Principal paid" column makes no sense. It looks like a bug to me.
Reply to
scott s.
in
Glad you got it fixed.
I intended to include the notion to create a new loan account if all else failed, but it appears I forgot to do so.
I'm not sure exactly what you're seeing.
But I think part of your approach may have contributed to something fishy in the Payment Scheduled - though I can not explain why.
Try this: change your split transaction for the new loan account opening balance back to being a non-split for the opening balance of the loan.
Then in the old loan account, create a balance adjustment entry - manually from scratch, or by initiating a "reconcile" (which is an "Update Balance" in a liability account) - which reduces the old loan account balance to zero.
[If you want a record of what happened, put something informative in the Memo fields of the closing transaction in the old account and the opening transaction in the new account.]
When I tested with the approach, the Payment Schedule with a running balance in the new loan account matched that in the old loan account (saved prior to zeroing out the account).
Reply to
John Pollard
Glad you got it fixed. I intended to include the idea to create a new loan account if all else failed, but it appears I forgot to do so. Sorry about that.
I think part of your approach may have contributed to something fishy in the new loan Payment Schedule - though I can not explain why.
Try this: change your split transaction for the new loan account opening balance back to being a non-split for the opening balance of the loan.
Then in the old loan account, create a balance adjustment entry - manually from scratch, or by initiating a "reconcile" (which is an "Update Balance" in a liability account) - which reduces the old loan account balance to zero.
[If you want a record of what happened, put something informative in the Memo fields of the closing transaction in the old account and the opening transaction in the new account.]
When I tested with the approach, the Payment Schedule with a running balance in the new loan account matched that in the old loan account (saved prior to zeroing out the account).
Reply to
John Pollard
That's a legitimate interest, however ...
A couple of thoughts:
As I noted earlier, you can prevent Quicken from uninstalling older versions during an install.
But, over the years, having more than one Quicken version installed on the same computer has become increasingly problematic: the different versions tend to interfere with each other - and one version can even prevent another version from being usable. I believe that's the main reason Quicken began defaulting to uninstalling earlier versions during an install.
One obvious workaround would be to keep the old version running on a second (handy) physical computer. Frequently not possible and/or not handy.
But you can simulate that workaround by using a Virtual Machine (a VM) on your physical machine.
Having a version of Quicken installed in a VM guarantees no interference between that version in the VM and the version installed on your physical machine.
If you then insure that you keep a copy of your final old-version data file intact (never let it be modified/converted, or even opened), you can redo a "conversion" to a newer Quicken version as many times as you like.
Reply to
John Pollard

Site Timeline Threads

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.