Loan Term Limit

[Guest mczet]

Knowing that 401K loans are 5 years and 30 years for primary residence, my question is.

Does amounts required to prevent foreclosure on a primary residence qualify for 30 year treatment, or do they fall under the 5 year ceiling.

The answer is probably no, but I thought I'd getsome opinions.

Ray Setzer

[Richard Anderson]

no

[actuarysmith]

It is not "30" years for primary residence. The regs allow 15 years.

[R. Butler]

Do you have a cite for 15 year limit in the regs? In the Final Regs. issued 7/31/00, I see an example in Q-8 where they issue a 15 year period, but I have never seen anything that specifically states a residential loan can't be longer than 15 years.

Thanks for your help.