paying off mortgage after selling a house

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  • Updated 9 months ago
My problem relates to the new "Debt" function in GoodBudget.  We just sold our house, which resulted in our mortgage being paid off, plus some additional income went into our savings.  Our mortgage was paid off straight from the escrow account, so it never went into any of our actual accounts.  

My problem is that there is no way to reflect this on GoodBudget.  I can't enter the transaction through the "income" function, because it won't let me choose a Debt Account as the account for the income to go into.  And I can't just show a payment towards that debt, because that function requires that I choose an account that the payment came from, however this is not possible because I never owned the escrow account that the payment came from.  Please advise and/or fix this problem in the software.

Thank you,
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Posted 9 months ago

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Karisa Russell, Official Rep

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Hi G, 

Thanks for posting and sorry for the troubles! This is definitely a scenario that the new Debt Features don't know how to handle. Because of that, we'll have to employ a workaround, and I can think of two. 

The first would be to create a Checking Account set with the amount you paid on the remaining home loan. Then, you can add a Debt Transaction to complete the final payment.

The second would be to create a negative 'New Charge.' To do that, you'll go to Debt Transaction, select 'New Charge,' and then enter the appropriate amount with a negative sign in front. That will reduce the balance on that Debt Account, and it won't require you to touch any of your other Accounts. And I think this might be the better option for you, because this will also not touch any of your Envelopes, and my guess is that you don't want that anyway since this final payment came from an escrow account, rather than money you budgeted. 

I hope that helps for now!