It is a Wachovia CAP Brokerage Account that has a value of $22,920 but the Securities Market Value is $68,881...in other words I have borrowed about $46,000 from the account (this includes interest of course).
I really made a mistake in dropping 50 grand into this about 8 years ago and have a number of other retirement money resources set-up for me now.
I guess what I'm saying is I would very happily rather have the amont I owe in margin loans be partially paid by the account value - and then just make payments on the remaining balance...can this be done?
I would like to close this account down - What are the options typically in this situation?
Thanks in advance for any answers.
2006-10-16 04:01:42 · 1 answers · asked by rob.springer 2 in Business & Finance ➔ Investing
That does not sound right. When the amount of margin in an account drops to a certain level, typically 70% of the account value, your broker issues you a margin call, requesting more cash. If they cannot contact you, they begin liquidating assets to bring the debt down to an acceptable level.
If I were you, I'd call Wachovia right away to find out what can be done at this point, and what it will cost.
Best of success.
2006-10-16 10:29:02 · answer #1 · answered by Thinker 5 · 0⤊ 0⤋