Updated about 6 years ago on . Most recent reply
Who gets the benefits of Principal reduction?
If a homeowner finances you his property for 100k and you agree to pay him 100k but he owes 50k, and he has been paying for the property for 20 years, if you keep paying the mortgage payments and you agree to pay him 100k in 5 years.. who will get the principal reduction? The homeowner or me?
Most Popular Reply
Wayne Brooks
#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
- 13,510
- Votes |
- 23,418
- Posts
Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
The owner does....you’re agreeing to pay him $100k in 5 years (sort of an odd set up)....it doesn’t matter what his loan balance is, he pays that off out your $100k, and the difference is his.