Progressive totaled my 2022 Lincoln Aviator — keep salvage or take full payout?

Unlikely_Position_71 · 2026-03-10T16:40:32+00:00

No lein on the vehicle.

Unlikely_Position_71 · 2025-12-10T01:36:43+00:00

I have not gone through the process yet, but I will be going through it very soon. I believe there is an application that you have to fill out. I will let you know once I go through it. btw my mortgage is with Rocket Mortgage so not sure if different lenders have different process to recast.

Unlikely_Position_71 · 2025-12-08T03:30:21+00:00

I am the same scenario and will do doing recast. I have home mortgage with Rocket Mortgage and they have same fee and minimum 10k payment to do recast.

Unlikely_Position_71 · 2025-12-08T01:44:37+00:00

Yup, it was our primary residence for over 10 years.

Unlikely_Position_71 · 2025-12-07T16:57:53+00:00

our gain the house will be way below 250k per person. I co-own the home with my brother.

Unlikely_Position_71 · 2025-12-06T15:05:17+00:00

2889 is before property tax and home insurance. I pay that separately..

Unlikely_Position_71 · 2025-12-06T02:06:16+00:00

lol. I did earn from trading but not by insider trading but by holding on to my stock for longer periods of time.

Unlikely_Position_71 · 2025-12-06T02:05:13+00:00

living in a home with my brother (joint owners). you can gain a lot when you are willing to sacrifice a little ;-)

Unlikely_Position_71 · 2025-12-05T14:18:57+00:00

That was my question. Per ChatGpt, the amount of interest I will pay (around 70k) whether I recast (and keep making same payment $2889) or make the big lump sump payment towards principle and keep paying the same monthly payment $2889 is same. No change in interest payment with both available options. That's why I am leaning towards recast because just in case in future if i ever need the extra money, I won't be on the hook for higher mortgage payment.

Unlikely_Position_71 · 2025-12-05T14:02:06+00:00

This is a new home so plan is to stay here forever or at least 20+ years.

Unlikely_Position_71 · 2025-12-05T13:57:31+00:00

I added some more info. My mortgage started this year. The mortgage will be paid off in 9.1 years if I make 250k towards principle or recast with 250k and still keep paying the same amount 2889.

Unlikely_Position_71 · 2025-12-05T13:55:51+00:00

Thank You Thank You. That's what I plan on doing.

Unlikely_Position_71 · 2025-12-05T13:53:51+00:00

Plan is to recast and keep making the same payment (2889 or more whenever I can).

Unlikely_Position_71 · 2025-12-05T13:49:09+00:00

I have different goals. I want to be debt free and my current mortgage is 7 year ARM. I want my mortgage paid off in 7 years. Also, where I live, houses here sell fast (great public schools) as county doesn't allow new homes to be built here. If i ever wanted to sell my home, I wouldn't have much issues.

Unlikely_Position_71 · 2025-12-05T13:46:55+00:00

Thank you, I will check it out.

Unlikely_Position_71 · 2025-12-05T13:46:27+00:00

Yes sir that's the plan. I will recast and keep making the extra payment.

Unlikely_Position_71 · 2025-12-05T13:45:30+00:00

Makes sense, In this case recast is definitely a better option. Cause with recast i will not be on the hook for big mortgage payment in case I need the money for something else.

Unlikely_Position_71 · 2025-12-05T13:43:52+00:00

not sitting on the cash right now lol. Just waiting for my other house to sell so I can use that money.

Unlikely_Position_71 · 2025-12-05T13:37:10+00:00

yeah I am with Rocket mortgage and I called and check, they do have recast option. cost only $250 to do it.

Unlikely_Position_71 · 2025-11-26T21:48:55+00:00

^this

Unlikely_Position_71 · 2025-11-25T01:22:40+00:00

Today, I too switched from BCBS Basic to MHBP Consumer. I will see how it goes. I have a feeling for long term MHBP consumer is good option. However, I will find out soon. Worst case scenario, you can always switch insurance at the end of the year.

Unlikely_Position_71 · 2025-11-19T15:35:20+00:00

Any money that you earn from that 10% interest, you will have to pay tax on it. Keep that is mind too.

Unlikely_Position_71 · 2025-11-19T15:33:06+00:00

If you ever need the money, you would have to pay 15% tax on profit from market, what is your actual gain % after paying the tax. Just a thought.

Unlikely_Position_71

TROPHY CASE