MutualFunds - The Seattle Times
D4 Business | 2R | SUNDAY, JANUARY 25, 2015 MutualFunds FUNDRIPPING BOOK MISSES THE POINT “In the past, we really didn’t have much of an alternative to mutual funds Chuck Jaffe and this was something Syndicated columnist investors were OK with Every few because they figured there’s years, some nothing else out there,” Kim one writes a said. “Today, we have new book something called separate uncovering accounts.” the latest, Separately managed greatest accounts (SMAs) have been failings of around for a while, but mutual funds and suggest what Kim said makes them ing that the road to financial more attractive now is im ruin is littered with bad proved transparency. mutualfund investments. Yes, the SMA gives the When I started out cover manager transparency — ing the industry, it was instead of getting a state “Surviving the Coming ment showing a line item Mutual Fund Crisis,” which for the XYZ Fund, there’s a was followed by “Hazard list of all of the securities ous to Your Wealth: Ex held in the portfolio individ traordinary Popular Delu ually that the investor can sions and the Madness of check on a moment’s notice Mutual Fund Experts,” — and there is “personal written by Robert Mark ized attention” from the man, who himself struggled money manager, but it’s famously as a fund manag almost a form of “mass er. customization,” where it’s In 2002, it was “The great better than onesizefitsall, Mutual Fund Trap,” coau but it’s still onerecipe thored by Gary Gensler, servesmany. who went on to serve as the But there’s a cost for that chairman of the Commodity personalized attention. Kim Futures Trading Commis noted that at his firm, cli sion, on to 2009’s “Enough ents would pay 1 percent for Bull: How to Retire Well a separately managed ac without the Stock Market, count, with the fee for the Mutual Funds or Even an portfolio management then Investment Advisor.” added to the mix. There have been others Considering that most along the way, but you get money in mutual funds is in the point; you can get some issues with expense ratios attention writing a book south of 1 percent, it’s hard about the evils of mutual to argue that SMAs are funds. cheaper. Those costs, ulti The latest in the genre is mately, affect performance, “Mutual Funds Exposed,” and while SMAs are trans written by Kenneth Kim and parent in what they hold, William Nelson of EQIS they’re not so clear when it Capital Management, comes to an investor decid where the cover carries the ing which provider they ominous reminder that want to go with and how “What you don’t know may likely they are to succeed be hazardous to your with that money manager. wealth.” There’s no real reason to But investors are pretty believe that SMA managers well versed in the evils of are inherently better than mutual funds. Funds can be fund managers; in all expensive, taxinefficient, realms of investing, guys underperforming, opaque, who consistently beat the hardtounderstand invest market or their benchmark ment vehicles that seldom are rare. perform as expected no If the flaws and perils of matter the market condi using investment vehicles tions. really bother you, the good Most investors know that, news is that you can do it on and they should. your own without funds, What they don’t know — SMAs or the rest. and what could be hazard The problem there — ous to their wealth — is that despite the people shouting pretty much everyone writ on chat boards how great ing a book saying how hor their results are — is that rible funds are has an ax to while it is easier to pick one grind, and you are just as stock than it is to select a likely to end up on the mutual fund (at least when wrong side of the cutting it comes to knowing what blade betting with them as you are getting and why you you do sticking with mutual are buying it) it’s easier to funds. pick a fund than to manage For proof, let’s consider a portfolio of stocks. the substance and sugges In the end, investors tion of “Mutual Funds Ex should remember that mu posed.” tual funds were created to In an interview, Kim provide professional man noted that the book doesn’t agement and diversification really break new ground in conveniently and at a rea suggesting that funds are sonable price. flawed vehicles, but rather If you can do it yourself that it aggregates the charg and don’t need manage es together in one place and ment, then you don’t need updates the arguments funds (or perhaps you will against funds. augment your stock portfo Even a staunch fund lio with a few lowcost in supporter can’t deny what’s dex funds for diversifica there. tion), and you really don’t Investors in conventional need books telling you how mutual funds can be hit bad funds are. with a tax bill even if they If you need help and have lost money holding the diversification, decide fund, fund investors wind which structure and man up sharing costs with new agement form works best investors — so that a rush of for you, then expose your new money by others can self to managers who you reduce the profitability, believe can help you reach funds often take strategies your goals. that deliver lessthanstellar Every strategy has flaws, returns. but finding a comfortable But what comes next — way to invest — even if it’s the book’s “simple, straight not perfect — is better than forward alternative” to not investing while you mutual funds — is “sepa hope some next big thing rately managed accounts,” will give you investment which effectively is a pri perfection. vately managed portfolio Chuck Jaffe is senior columnist for MarketWatch. He can be reached where an investor (or their at [email protected] or at financial adviser) hires a P.O. Box 70, Cohasset, money manager to run a MA 020250070. portfolio. Copyright 2015, MarketWatch Your Funds Funds reinforce their defenses Bloomberg News As Larry Fink predicts bouts of volatility in bond markets in the coming years, his firm is leading a push among mutualfund firms to reinforce their defenses. Fink’s BlackRock has increased the amount its mutual funds can collec tively borrow to meet with drawals to $2.1 billion as of November from $500 mil lion in early 2013, regulato ry filings show. BlackRock and other funds are boost ing credit lines, an emer gency tool used to bridge shortterm funding gaps that can occur when many investors sell a fund at the same time, after investment banks reduced trading in response to new legislation. Fund Tracker Weekly spotlight on mutual fund performance Winners and losers: A mutualfund scorecard Fund Wkly % YTD % obj return return Biggest funds American Funds A AmcpA p American Funds A AMutlA p American Funds A BalA p American Funds A BondA p American Funds A CapIBA p American Funds A CapWGA p American Funds A FdInvA p American Funds A GwthA p American Funds A IncoA p American Funds A ICAA p American Funds A N PerA p American Funds A SmCpA p American Funds A WshA p Artisan Funds Intl BlackRock Instl StrIncoOpp BlackRock Instl EquityDv BlackRock Instl GlbAlloc r Dimensional Fds EmMCrEq Dimensional Fds EmMktV Dimensional Fds USLgVa Dodge&Cox Balanced Dodge&Cox Income Dodge&Cox IntlStk Dodge&Cox Stock DoubleLine Funds TRBd I FPA Funds FPACres Fidelity Freedom FF2020K Fidelity Freedom FF2030K Fidelity Invest Balanc Fidelity Invest Contra Fidelity Invest GroCo Fidelity Invest LowP r Fidelity Invest Puritn Fidelity Invest TotalBd Fidelity Spart Adv 500IdxAdv Fidelity Spart Adv TotMktAd r Frank/Temp Frnk A IncomA p Frank/Tmp Frnk Adv GlbBdAdv Harbor Funds CapApInst Harbor Funds Intl r Loomis Sayles LSBondI MFS Funds I ValueI Metro West Fds TotRtBdI Oakmark Funds I EqtyInc r Oakmark Funds I Intl Oakmark Funds I Oakmark Oppenheimer Y DevMktY PIMCO Instl PIMS AllAsset PIMCO Instl PIMS TotRt PIMCO Funds Instl Income Price Funds BlChip Price Funds CapApp Price Funds EqInc Price Funds EqIndex Price Funds Growth Price Funds MidCap Price Funds N Horiz Price Funds N Inc Price Funds Ret2020 Price Funds Ret2030 Price Funds Value Schwab Funds S&P Sel Vanguard Admiral 500Adml Vanguard Admiral GNMA Ad Vanguard Admiral HlthCr Vanguard Admiral ITAdml Vanguard Admiral ITGrAdm Vanguard Admiral LtdTrAd Vanguard Admiral MCpAdml Vanguard Admiral PrmCap r Vanguard Admiral STIGrAd Vanguard Admiral SmCAdm Vanguard Admiral TtlBAdml Vanguard Admiral WellslAdm Vanguard Admiral WelltnAdm Vanguard Admiral WdsrIIAd Vanguard Fds TotIntBInv Vanguard Fds DivdGro Vanguard Fds STAR Vanguard Fds TgtRe2015 Vanguard Fds TgRe2020 Vanguard Fds TgtRe2025 Vanguard Fds TgRe2030 Vanguard Fds TgtRe2035 Vanguard Fds TgtRe2040 Vanguard Fds TgtRe2045 Vanguard Idx Fds TotlIntl XC LV BL IB BL GL LC LG BL LC GL GL LC IL GT EI MP EM EM LV BL IB IL LV MT MP MP MP BL LG XG MC BL IB SP XC BL WB LG IL GT LC IB BL IL LC EM MP IB GT LG BL EI SP LG MG SG IB MP MP LV SP SP MT HB IM IB SM MC LC SB SC IB BL BL LV WB EI BL MP MP MP MP MP MP MP IL +3.4 +2.3 +1.7 0.2 +1.8 +3.0 +3.1 +3.8 +1.7 +2.9 +3.1 +2.3 +2.7 +2.4 +0.5 +2.5 +1.8 +3.1 +2.6 +3.1 +1.7 0.1 +3.2 +2.5 NA +1.5 +1.8 +2.6 +2.2 +3.8 +4.4 +2.3 +2.4 +0.1 +3.0 +3.0 +1.3 +1.6 +4.6 +2.2 0.3 +2.0 0.1 +1.8 +1.4 +2.9 +3.8 NA +0.3 NA +4.7 +1.7 +2.3 +3.0 +4.9 +2.8 +4.0 0.1 +1.9 +2.4 +2.7 +3.0 +3.0 0.0 +2.3 0.2 0.4 0.0 +3.1 +3.7 0.2 +2.9 0.2 +0.7 +1.6 +2.9 +0.5 +2.6 +1.8 +1.3 +1.6 +1.8 +2.0 +2.3 +2.5 +2.4 +2.1 +0.5 +0.1 +0.4 +1.5 +1.6 +1.7 0.1 +0.5 +1.2 +0.5 +1.3 +0.1 0.1 +2.6 +0.8 1.3 +0.9 +3.2 +2.1 2.0 0.8 +0.9 +1.4 1.6 NA 0.4 +0.7 +0.4 +0.2 +0.4 +1.2 1.0 +0.4 +1.5 0.3 0.3 0.0 +1.5 +0.7 +0.4 0.3 1.0 +1.3 1.1 0.1 1.8 +2.1 NA +2.1 NA +1.4 +0.3 1.5 0.3 +1.3 0.1 +0.2 +1.5 +0.7 +0.7 0.8 0.3 0.3 +0.4 +4.2 +1.1 +1.7 +0.6 0.1 +1.2 +0.6 0.7 +1.6 +1.2 +0.6 1.0 +1.6 +0.8 +0.7 +0.8 +0.7 +0.6 +0.5 +0.4 +0.3 +0.3 +1.0 5yr % return +15.7 +14.2 +12.3 +4.5 +9.6 +10.1 +13.8 +14.1 +11.6 +13.9 +11.4 +11.6 +15.2 +10.5 +5.6 +13.2 +6.9 +3.9 +0.9 +16.7 +12.6 +5.1 +8.8 +15.3 NS +10.3 +8.7 +9.9 +11.9 +15.6 +18.7 +15.4 +12.0 +5.3 +15.8 +16.0 +9.4 +6.2 +15.5 +6.5 +8.1 +14.5 +6.7 +9.7 +9.8 +16.3 +6.7 NA +5.2 NA +17.9 +13.2 +13.3 +15.5 +17.1 +17.7 +21.7 +4.5 +10.6 +12.0 +16.1 +15.7 +15.8 +4.2 +20.8 +4.8 +6.2 +2.1 +17.2 +17.1 +2.8 +16.9 +4.4 +9.8 +11.6 +14.1 NS +15.2 +10.4 +9.2 +10.0 +10.6 +11.1 +11.7 +12.0 +12.0 +5.0 XC SP XC Vanguard Idx Fds TotStk Vanguard Instl Fds InstIdx Vanguard Instl Fds InsTStPlus Best performers Direxion Fds NatRBull2X Voya Funds Cl A RussiaA p ProFunds Inv Cl InternetUlt ProFunds Inv Cl UltEmMkt ProFunds Inv Cl UltNasd100 Rydex Dynamic NasdStrH Direxion Fds EmgMBull p ProFunds Inv Cl PrecMetal Direxion Fds LatAmBull RidgeWorth Funds AggrGrI ProFunds Inv Cl BiotechUlt ProFunds Inv Cl Oil&Gas Waddell & Reed Adv EnergyA t ProFunds Inv Cl UltraJapan Firsthand Funds TechOppt r ProFunds Inv Cl UltLatinAm Ivy Funds EnergyA t ProFunds Inv Cl UltMidCap Price Funds GlbTech ICON Fds Energy S Baron Funds Energy ProFunds Inv Cl UltSmCap RS Funds TechnolA Berkshire Funds Focus ProFunds Inv Cl UltBull Rydex Dynamic S&P5 2xH p Oppenheimer A StlpthAlpha Ivy Funds GlNatRsA p Jacob Funds USSmCG I Fidelity Selects NatRes r Worst performers ProFunds Inv Cl UltShNq100 Rydex Dynamic InvNasdSt H Rydex Dynamic InvSP5St H ProFunds Inv Cl UltBear Hussman Funds StrIntlEq Rydex Investor InvNasdInvs Comstock Partners CapVlA Leuthold Funds GrizzlyShrt Rydex H Class InvRusSt ProFunds Inv Cl Bear Rydex Investor InvS&P5St Federated A PrudBear p Hussman Funds StrGrowth GAMCO Funds MathrAAA Amer Century Inv IntlBnd Frank/Temp Frnk A GoldPrM A Columbia Cl I,T&G AbRtCurIn I Laudus Funds IntGvFxInst Federated A IntlBndA Invesco Funds A GoldPrec p Dimensional Fds AsiaPcSCp Aegis Funds HighYield 361 Funds GblMgdFut Tocqueville Fds Gold t Price Funds IntlBond Forum Funds MrHrdCur Franklin Templ FTHrdC p Dimensional Fds SelHdGFxd Invesco Funds A EuroSmCo p Touchstone Family IntFxd Inst +3.0 +3.0 +3.0 0.3 +15.9 0.3 +15.8 0.3 +16.1 Fund Wkly % YTD % obj return return SE EM SQ SQ SQ SQ SQ SQ SQ XG SQ SQ NR SQ TK SQ NR SQ TK NR NR SQ TK XG SQ SQ NR NR SG NR 5yr % return +10.7 5.7 1.5 +10.4 +11.3 6.6 +10.2 +0.2 +28.7 +10.2 +9.9 5.2 +9.4 +1.7 +37.2 +9.3 +1.7 +37.3 +8.1 +7.2 3.9 +7.9 +19.2 20.3 +7.8 +1.0 15.9 +7.6 +1.0 +15.2 +7.4 +8.0 +44.2 +7.3 5.1 +7.8 +7.0 2.6 +4.3 +6.9 +0.3 +12.5 +6.8 +2.6 +15.5 +6.6 0.5 17.1 +6.4 3.0 +4.2 +6.4 +0.2 +28.3 +6.3 +0.6 +20.9 +6.3 5.4 +2.3 +6.1 4.5 NS +6.0 2.9 +24.9 +6.0 +0.2 +15.9 +6.0 +1.1 +20.2 +5.9 0.9 +26.8 +5.9 0.8 +27.3 +5.8 2.2 NS +5.7 3.1 3.2 +5.7 +5.0 +2.3 +5.7 1.1 +3.7 Fund Wkly % YTD % obj return return SQ SQ SQ SQ IL SQ SQ SQ SQ SQ SQ SQ SQ SQ WB AU MP WB WB AU PR HC SE AU WB WB WB WB EU WB 5yr % return 8.8 2.6 38.1 8.7 2.4 37.9 5.9 0.0 32.2 5.8 +0.3 32.6 4.5 5.8 2.2 4.4 1.2 20.1 3.7 +0.1 18.6 3.3 +2.5 16.8 3.0 +1.0 19.1 3.0 0.0 17.2 2.9 +0.1 16.8 2.6 0.0 16.3 2.2 +2.1 5.6 2.1 0.4 7.7 1.9 2.4 0.2 1.8 +9.8 12.6 1.8 +12.5 +2.5 1.6 1.3 0.6 1.5 1.4 0.3 1.4 +11.1 9.1 1.4 1.8 +3.6 1.4 2.2 2.1 1.4 2.6 NS 1.4 +11.1 7.3 1.3 1.3 +0.7 1.3 5.1 1.7 1.3 1.7 0.3 1.3 0.8 +1.2 1.2 4.0 +10.2 1.2 1.1 +3.4 Footnotes: e: Ex capitalgains distribution. f: Previous day{rsquo}s quote. n or nl: No upfront sales charge. p: Fund assets are used to pay for distribution costs. r: redemption fee or contingent deferred sales load may apply. s: Stock dividend or split. t: Both p and r. x: Ex cash dividend. NE: Data in question. NS: Fund did not exist at the start date. NA: No information available. Key to abbreviations and footnotes: Fund objectives: AB: Longterm topgrade corporate and govern ment bonds. AU: Gold oriented. BL: Balanced. EI: Equity income. EM: Emerging markets. EU: European region. GL: Global (includes U.S.). GM: General municipal bond. GT: General taxable bond. HB: Health and biotech. HC: Highyield taxable bond. HM: Highyield municipal bond. IB: Intermediateterm investmentgrade corporate bond. IG: Intermediateterm Treasury/government debt. IL: International (outside U.S.). IM: Intermediateterm municipal bond. LC: Largecap core. LG: Largecap growth. LT: Latin American. LU: Longterm Treasury/government debt. LV: Largecap value. MC: Midcap core. MG: Midcap growth. MP: Mixed portfolio (stocks and bonds). MT: Mortgage. MV: Midcap value. NM: Insured municipal bond. NR: Natural resources. PR: Pacific region. SB: Shortterm investmentgrade corporate bond. SC: Smallcap core. SE: Sector (specific industries). SG: Smallcap growth. SM: Shortterm munici pal debt. SP: S&P 500. SQ: Specialty diversified equity. SS: Single state municipal debt. SU: Shortterm Treasury/government debt. SV: Smallcap value. TK: Science and technology. UN: Unclassified. UT: Utility. WB: World bond. XC: Multicap core. XG: Multicap growth. XV: Multicap value 5year % return: Annualized performance over the past five years. Top 5 mutual funds by objective, yeartodate % return Emerging markets Voya Funds Cl A Virtus Funds I Columbia Class Z Price Funds WM Blair Fds Inst RussiaA p EmMktI EmgMkt r InstEmEq EmMkGrI r Equity income Federated Instl City Nat Rochdale Invesco Funds A Columbia Class A Paydenfunds StrValDvIS Div&Inc N Utilities p DivOpptyA ValLdrs Health | biotech Rydex Investor Fidelity Advisor A Fidelity Selects Price Funds Frank/Temp Frnk A Biotech Biotech A Biotch HlthSci BioDisA p Global Lazard Instl Hartford Fds Y Virtus Funds A Vanguard Fds Deutsche Trust GblInfra I GblEqInco GlbOppA GblMnV Inv WorldDiv IntlValue IntValue I IntlGrw I Intl IntlEq Largecap core Fidelity Invest BMO Funds Eaton Vance A Virtus Funds A Vanguard Admiral Midcap core +11.3 +5.3 +5.1 +4.8 +4.8 Wright Funds Davenport Funds Eaton Vance I Scout Funds Lazard Open YTD % return Smallcap core +2.7 +2.3 +2.1 +1.7 +1.6 GoldmanSachsInst Touchstone Family Allianz Funds C Invesco Funds A JPMorgan Select YTD % return +6.3 +6.2 +6.2 +5.5 +5.3 StrDvIn LowVolEq I DivBldrA GrIncA PrmCap r Dreyfus Center Coast Fidelity Invest Oppenheimer A Fidelity Selects Pacific region +5.2 +2.5 +2.5 +2.1 +2.0 Eaton Vance A Frank/TempFrnkA Matthews Asian Columbia Class A EuroPac Funds +4.0 +3.7 +3.4 +2.6 +2.6 YTD % return SlBlCh EqtyOpps AtlSMID MidCap r USMidC O SmCapEqty SCCore Inst Opport SmallC p SmCap NatResA MLPFoc I GlbCmdty r Income A NatRes r YTD % return Gold oriented +1.8 +1.6 +1.5 +1.2 +1.2 OCM Funds Amer Century Inv Fidelity Selects GAMCO Funds US Global Investors +0.8 +0.8 +0.5 +0.5 0.1 YTD % return 0.5 0.7 0.7 0.8 1.1 YTD % return GrIndia t IndiaGrA p IndiaInv r GrChinaA AsiaSmCoA Science | technology Firsthand Funds USAA Group DWS Invest A Matthews Asian Fidelity Selects +1.3 +0.9 +0.6 +0.6 +0.4 YTD % return Natural resources YTD % return YTD % return International EuroPac Funds Thornburg Fds John Hancock Fds Artisan Funds DelPooled Trust YTD % return TechOppt r SciTech CommA p AsiaSciTInv Wireless GoldInv t GlGold Gold r GoldAAA Gld&Mtls +9.4 +8.7 +8.2 +5.5 +5.4 YTD % return +2.6 +2.0 +1.9 +1.8 +1.5 YTD % return Sector NewAlt AQR Funds Rydex Investor Invest Managers Fidelity Selects MgdFutSt I MgdFutStr MgdFutSt I DfAer YTD % return Balanced Perpetual t StrTotRet r CapIBA p AACnA p IncEq Midas Funds Hussman Funds American Funds A Putnam Funds A Northern Funds Intermediate bond GMO Trust IV Dimensional Fds Vanguard Admiral Harbor Funds PIMCO Instl PIMS CorePlusBd ITExQual ITBdAdml Bond TotRt Longterm bond LTBnd LTGrAdml ExtDurI ExtDrGS4 CorpBd Vanguard Idx Fds Vanguard Admiral Del Inv Instl GuideStone Funds Fidelity Invest YTD % return Mortgage +16.8 +16.5 +16.4 +15.7 +15.3 Legg Mason A Victory Funds Wright Funds CRAQlInv JPMorgan R Cl +6.1 +4.0 +1.6 +1.3 +1.3 YTD % return +3.0 +2.5 +2.3 +2.2 +2.1 YTD % return +4.6 +4.0 +3.6 +3.4 +1.9 YTD % return Longterm U.S. Vanguard Instl Fds Wasatch Vanguard Admiral Fidelity Spartan Price Funds +5.7 +5.5 +4.6 +3.4 +2.9 ExDurTreas USTryFd LTsyAdml SpLTTrAd r USTLg +9.8 +7.7 +6.4 +6.4 +6.0 YTD % return WAMtgBkA FundFInc I CurIn MtgBckd +1.3 +1.1 +1.1 +1.0 +1.0 COPING WITH DEBT ON A REDUCED INCOME Investing Scott Burns Syndicated columnist Q: My wife and I were dis cussing paying off major debt. This would include our mortgage ($100,000), a homeim provement loan ($50,000) and a vehicle ($20,000). The only way we could do this is through my re tirement Simplified Em ployee Pension (SEP). It is currently valued at $876,000. It is aggressive ly invested, about 80 per cent stocks, 20 percent bonds. It is not a Roth, so taxes would have to be paid on whatever I with draw. We are both 63, and I am the only one employed (selfemployed), making about $65,000 a year. My income has been reduced by half over the last two years, and I am actually withdrawing $2,000 a month from the SEP to take care of bills. But it still is not enough to keep ahead. Our credit card bills are about $300 per month, which we pay off. Eliminating these three monthly bills — the mort gage, homeimprovement loan and the car loan — would cut our expenses by $2,200 a month. Here’s what has me concerned: Our health insurance is increasing to $1,200 a month in Janu ary. This past year, I had to withdraw $30,000 from the SEP to pay bills and taxes, not including the $2,000 a month we are already withdrawing. What do you suggest? I want to work until retire ment age (maybe longer), but I am losing ground. A: That’s a heavyduty withdrawal rate — $54,000 a year from an $876,000 account. It fig ures to 6 percent, a rate that is not sustainable. Worse, when you need to add high withdrawals to your earned income just to pay the bills at age 63, it’s pretty clear that you are on your way to a major finan cial crisis when you do retire. The good news is that you have a lot more in savings than most people. Withdraw from your re tirement account at 4 percent, and you’ll have nearly $3,000 a month to supplement your Social Security income. You’ll need to look at the estimates you get from Social Security to see how much you and your wife will receive in benefits. But that number — Social Security plus about $3,000 a month from retirement savings — is about the amount you’ll have to spend when you retire. Here is a list of steps you can take: • Pay off the car loan. It will have the largest im pact on cash flow, with the least tax consequences. • Refinance the home improvement loan into a home equity line of credit (HELOC). This will reduce the interest rate and elimi nate principal repayment for a period of time. • Alternatively, refi nance the first mortgage on a 30year basis and roll in the homeimprovement loan. The monthly pay ment on a $150,000 mort gage for 30 years at 4.5 percent is $760 a month, far less than you are now paying. • Consider selling the house and moving to a lowercost house or condo, using your sales proceeds to make certain that your new mortgage debt is less than your current debt. Questions: [email protected] Copyright 2015, Universal Press Syndicate
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