where can you get a loan for your own property for quit clai

kberry87 · Joined: 03 Apr 2008 Posts: 2 1.54 Dollars($)

I am in a chapter 13, I have a balance of 169,000 on my mortgage. The home is worth 139,000 and they are willing to accept 62,700 and relieve the remaining debt.

Niicss · Posted: Thu Apr 03, 2008 3:21 am Post subject:

Welcome kberry.

If the lender releases you from the mortgage by accepting $62,700, then it is a good deal. You can go for it. But check out if he will give you a mortgage release letter.

Let me know if you have any more queries.

kberry87 · Joined: 03 Apr 2008 Posts: 2 1.54 Dollars($)

If I sell it for 100,00 and they accept 62,700. I have lived there for 13 years how much tax will I pay on the profit?

Niicss · Posted: Thu Apr 03, 2008 3:55 am Post subject:

Welcome back kberry.

You cannot sell the property without the lender's consent. First consult with lender on this.

You may need to pay capital gain tax on it. But the capital gain tax exemption limit is $250,000 for an individual. So you need not to pay the tax.

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