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What is a common error by the Investor when solving the mortgage relief problem for the second leg replacement property closing?

April 26, 2017common Error investor leg mortgage problem relief replacement Solving

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What is a common error by the Investor when solving the mortgage relief problem for the second leg replacement property closing?

1 Answer

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Not communicating with the mortgage lender and the closing agent as to the approximate new loan balance necessary to offset the old loan debt. If the new lending balance is sent to closing resulting in surplus funding, any cash back at closing is a taxable event.