The borrower who no longer owes the money does owe tax even if the 1099c is not received/filed.

You would then foreclose on the borrower.

My bias would be to agree a note with specific terms and then have the borrower provide a mortgage.

And I question why would you or that company be eligible for compensation for negotiating something the borrower could easily do themselves.

Well I'm one day from closing my first deal and I got a copy of the HUD settlement statement yesterday and I looked at the bottom line where it says "Cash from borrower" and all I could think was WOW!!!

When I mentioned pyramiding, I was referring to the practice of using equity from one property to buy another.You realize of course that if you borrow the equity from one property to buy another that the first one loses its cash flow.

So, I stopped before the end.

Rental demand has been rising as people who were sub-prime borrowers are not shut off from buying.5+ unit multi-family buildings can run into trouble.

Its actually a dvd or at least it was last year of a very boring guy that talks non stop for four hours.It doesn't have any diagrams or anything.

Technical point.You give the lender the mortgage when you borrow money secured by real estate.