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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
6 Answers
- coraannLv 75 years ago
Mortgages are not negotiated. Why would the mortgagor accept less than is owed?
No one can demolish the building while there is a mortgage against it.
Since you are not experienced and don't know much about mortgages, you are the
wrong person to get involved here. You might be biting off more than you can chew. I'm referring to legal problems. You are not a licensed broker.
People seem so eager to get involved in scams it's mind boggling.
Source(s): Knowledge and decades of real estate experience. - Anonymous5 years ago
No you cannot unless he gives you power of attorney. If you are not a party to the mortgage the bank will even not talk to you.
If you do not know much about mortgages then you should not be negotiating anything. If you do not know what you are doing then you will be of no help to this man.
- Anonymous5 years ago
I would be very wary of entering into such an arrangement without legal advice. I doubt the loan company would play ball anyway. He says he just wants it out of his name? Well he can stop paying the mortgage and his wish will be granted. I smell a rat here. Whatever you do ask a lawyer to act for you. I know that's expensive but so is losing money with nothing to show for it.
- curtisports2Lv 75 years ago
He must give you a written and notarized Specific Power of Attorney, for this one situation and this one situation only. Once he does that, then you can try to negotiate with the lender, and be laughed at as they show you the door.
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- Anonymous5 years ago
You "don't know much about mortgages" and want to "negotiate" someone else's mortgage? I don't know who's more clueless: you or "this guy."
- SlickterpLv 75 years ago
If he gives you power of attorney, sure.
He owes $100K, no way they take $30K.
