Updated over 10 years ago on . Most recent reply
Buying out my Mortgage
I want to settle my 65k home mortgage with cash. I'm thinking about offering 25-30K. The mortgage company seems eager (property is underwater) to entertain offers. Any advice or thoughts of this settlement. I'm sure I will receive a 1099 for the amount forgiven and I will own the property outright after that.
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
Well, it's not under water if it's worth $80k, and your loan is $65k.