In Prem H&B R3, how to set up a loan you own


M

Mike S

My sister recently defaulted on the loan for her mobile home and was in
danger of becoming homeless. I bought the mortgage and set her up with
some payments she could afford. So, she owns the home but I invested
some money in a mortgage that I own, on which she makes regular payments
on both principle and interest. How do I set this up in Quicken Premier
Home and Business, R3? There doesn't seem to be any clear cut way to set
up a loan that you have made to someone else.
 
J

John Pollard

Mike said:
My sister recently defaulted on the loan for her mobile home and
was in danger of becoming homeless. I bought the mortgage and set
her up with some payments she could afford. So, she owns the home
but I invested some money in a mortgage that I own, on which she
makes regular payments on both principle and interest. How do I set
this up in Quicken Premier Home and Business, R3? There doesn't
seem to be any clear cut way to set up a loan that you have made to
someone else.
I realize that there were some changes when Q2003 came out, but I
can't believe Intuit eliminated the ability for you to be the lender.
Is there no longer a loan wizard? In Q2002 it would be:

Property & Loans > Loan > New

The very first question is "Borrow Money" (or) "Lend Money".
 
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M

Mike Smith

Boy, do I feel stupid. Yep, it's there all right. In Q2003 it's now in
the Property and Debt Center, Loan Accounts Summary, Add Loan. I focused
on Property and Debt Accounts, Add Account, which does exactly what it
says it does, not what I wanted it to do. Six lines away is the Add Loan
button, which also does exactly what it says it does, and also what I
wanted it to do. I will not reveal how long I've been looking for that
button...

M.
 

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