Posted on: 07th Dec, 2010 08:01 pm
Needing to know if a person is able to pay pennies on the dollar for their 2nd mortgage and be legal. and if so what are the taxation drawbacks? will the loan balance be added to my income or just the money I paid for the pennies on the dollar deal?
Hi itbme2luv,
It will depend upon the second lender whether or not he will be ready to give you a settlement on your mortgage. If the lender agrees to it, then the settlement will be considered as legal. If the lender agrees to the deal, then you won't have to pay anything extra.
Take care.
It will depend upon the second lender whether or not he will be ready to give you a settlement on your mortgage. If the lender agrees to it, then the settlement will be considered as legal. If the lender agrees to the deal, then you won't have to pay anything extra.
Take care.