Wednesday, April 6, 2016

Can I negotiate mortgage payoff on behalf of someone else?


So I was talking to this guy the other day and he wants me to negotiate the mortgage on the property that he owns. How would I go about doing that? Am I even allowed to?

He gave me the account number and the mortgage company but I am not on the deed or have signed any papers even remotely related to the property.

Also, how low do you think I could negotiate?

He currently owes about 100k
He says the property is in such poor condition that it needs to be demolished.
I cannot remember if he is behind on payments or not but he doesn t want anything for the property, he just wants it out of his name.

I did a little bit or research and with it costing an average of $50,000 to foreclose on a home do you think it is possible to negotiate for a payoff of around $30,000? That is significantly lower than what is owed but honestly that is about what the property is worth since everything would have to be demolished.

I don t know much about mortgages so help me out here lol

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