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Updated almost 10 years ago on . Most recent reply

Nicole Allen's profile image
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Nicole Allen
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Nicole Allen's profile image
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Nicole Allen
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Nicole Allen
  • Specialist
  • Washington, DC
3
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16
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Buying & Selling Real Estate

Buying out my Mortgage

Nicole Allen
  • Specialist
  • Washington, DC
Posted

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.

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Wayne Brooks
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Wayne Brooks's profile image
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
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Replied

Well, it's not under water if it's worth $80k, and your loan is $65k.

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