Re: HGTV Dream House Giveaway

It was my understanding that they couldn't receive title until the income taxes were paid. If they couldn't receive the title, then they couldn't get a mortgage on it. Can't remember where I saw the article or I'd refresh my memory.

Sandi wrote:
"Phyllis Nilsson" <phyllisnilsson@xxxxxxxxxxxxxxxxxxx> wrote in message news:tKGdnXNL2e4zUEXeRVn-ig@xxxxxxxxxxxxxxxxxxxxxx

Its just getting the $600,000 to begin with so you can legally sell it. They said they weren't allowed to rent it out either to pay for a loan to get the $600,000. Don't know if they ever took possession.


What am I missing? If you own the property, all you have to do is take out a mortgage to pay the $600K, and then sell the thing, pay off the mortgage, and pocket the difference. If you think you'll have to make a few payments, take out the mortgage for the few extra payments while you have the thing up for sale.

Sandi 


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