1st DIL-Borrower States They Are Giving The Collateral Back

[John Thedford]

I did a HML for a guy about 9 months ago. Before that he had another loan with me, always paid on time, etc. So the second time around I BROKE MY OWN RULES. I gave this guy 100% of purchase price. Now, he called and tells me due to personal issues he must give the collateral back. I called yesterday and asked him how soon he would have the docs done and filed. He informed me he will NOT pay a dime for anything, that he is giving me a "gift" and doing me a "favor". I am OK with taking it back but having to pay an attorney to prepare the docs and pay filing fees it is making me a little less "happy". Should I just pay, get title, and move forward? He really rubbed me the wrong way telling me he is doing me a "favor" and that I will not incur foreclosure expenses. I can probably sell for a small profit (hopefully).