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Isn't buying your own mortgage from the bank just the same as negotiating conditions to pay off the whole mortgage early? Why would that be illegal?
by pedrocr 7y ago
Isn't buying your own mortgage from the bank just the same as negotiating conditions to pay off the whole mortgage early? Why would that be illegal?
- Simon_says 7y agoThe dad wanted to pay less than the balance of the mortgage.
- gizmo686 7y agoWhich isn't normally a crime. The lender is allowed to forgive part of a loan if they want to. The borrower would owe taxes on the difference. Normally this comes up with people who aren't paying at all, where the lender (or owner of the mortgage) is happy to salvage any money from the loan, even if less then the face value.