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Updated about 7 years ago on . Most recent reply

Jon B's profile image
Jon B's profile image
Jon B
  • from Shreveport, Louisiana
  • Member since Apr 20, 2013
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15
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2
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Jon B's profile image
Jon B's profile image
Jon B
  • from Shreveport, Louisiana
  • Member since Apr 20, 2013
Connect
Jon B
  • Shreveport, LA
2
Votes |
15
Posts
Creative Real Estate Financing

Getting out of Owner Carry

Jon B
  • Shreveport, LA
Posted

Need some advice here please. Property purchased via "Subject To" and a wrap mortgage for the loan balance. Found out property is much worse off than lead on to believe. Spoke with previous owner who is willing to take the deed back. What is the best way to handle the mortgage to avoid a tax liability? I know mortgage forgiveness would be bad for this. Is a mortgage satisfaction the right way to go?

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