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B-184703 1 (1976-04-30)

handle is hein.gao/gaobaddoe0001 and id is 1 raw text is: 0kLER r. C. THE COMPTROL-i.ER GENERAL DECISION OF THE UNITED STATES WASHINGTON, D.C. 20548 FILE: B-184703 DATE: APR 3 0 1976 MATTER OF: James J. Beirs - Real estate expenses for second mortgage DIGEST: Transferred employee claims reimbursement of finance charges assessed by lending institution in connection with a second mortgage obtained by him as interim fi- nancing for the purchase of a new residence. Charges made in connection with second mortgages are reimbursable to the same extent as charges made in connection with first mortgages. In view of the prohibition on payment of finance charges contained at Federal - Travel Regulations, para. 2-6.2d, those expenses incident to the second mortgage transaction attributable to interest and trust fee charges are for disallowance. Charges for preparation and recording of documents may be reimbursed. This matter is before us on a request for an advance decision from Mr. Eugene J. Rogers, Finance and Accounting Office of the Department of the Army, North Central Division, Corps of Engineers and concerns the claim of Mr. James P. Beirs, an employee of the Corps of Engineers, for expenses incurred in the purchase of his residence upon transfer of official duty station from Detroit, Michigan, to Chicago, Illinois, in April of 1974. The record shows that Mr. Beirs purchased his new residence in Wheaton, Illinois, on April 15, 1974, and that he sold the residence at his old official duty station on July 31, 1974. Since the purchase of his residence in Illinois took place before he obtained the proceeds from the sale of his old residence, Mr. Beirs obtained what he refers to as an interim financing loan of $9,500 from the Wheaton National Bank in Wheaton, Illinois, in order to finance the purchase of his new residence pending the sale of the old residence. Upon the sale of the old residence the interim loan, including the interest charge of $263.26, was paid in full. In connection with the interim loan, Mr. Beirs was charged a $55 fee which included a trust fee and a fee for prep- aration and recording of documents. The total amount of $318.26 is the subject of Mr. Beirs claim which is before us for consideration.

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