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Message
Possible to pay off someone's mortgage anonymously?
Posted on 3/15/12 at 10:40 pm
Posted on 3/15/12 at 10:40 pm
Hypothetical: Suppose you're sitting on a lot of money and decided you want to pay it forward/be a philanthropist or whatever. Would it be possible to just walk into the bank and pay off a friend, relative or total stranger's mortgage? In particular, could you do it anonymously and/or without their permission?
I'm guessing you'd run into bank secrecy and tax issues for the recipient, but I'm curious if anyone has any insight. I'm not planning to do this, just an idle thought.
I'm guessing you'd run into bank secrecy and tax issues for the recipient, but I'm curious if anyone has any insight. I'm not planning to do this, just an idle thought.
9
Posted on 3/15/12 at 10:45 pm to Jim Rockford
Just spend it all on coke and whores
Posted on 3/15/12 at 10:47 pm to Jim Rockford
May need to involve someone else, like a title company that is used to paying off mortgages for refinances. They would call and get a payoff and then send the money making sure the funds go to the right account. May cost a couple of hundred, but if you are paying off a mortgage....
Posted on 3/15/12 at 11:02 pm to Jim Rockford
Mortgages fall under Fair Credit laws. To even speak to a bank about someone elses mortgage you must obtain 3rd party authorization from the mortgagor
So I say legally no.
Now if a local bank lends it's own money and you know someone at the bank....perhaps but I still think it would technically be illegal. JMO
Now if you could obtain their account number of the mortgage than I don't see why you couldnt do it. Or at least pay on it. However I don't think you can find out the payoff without the authorization from the mortgagor.
Sorry i did have my terms mixed up. So duly noted and corrected.
So I say legally no.
Now if a local bank lends it's own money and you know someone at the bank....perhaps but I still think it would technically be illegal. JMO
Now if you could obtain their account number of the mortgage than I don't see why you couldnt do it. Or at least pay on it. However I don't think you can find out the payoff without the authorization from the mortgagor.
Sorry i did have my terms mixed up. So duly noted and corrected.
This post was edited on 3/17/12 at 12:54 pm
Posted on 3/15/12 at 11:58 pm to MoreOrLes
quote:
Mortgages fall under Fair Credit laws. To even speak to a bank about someone elses mortgage you must obtain 3rd party authorization from the mortgagee.
I'm confused, the bank is the mortgagee. I'm just guessing you have the terms mixed up?
Posted on 3/16/12 at 1:11 am to Teddy Ruxpin
Maybe go through a lawyer, and have them deliver the money & stipulations(must be used for mortgage) to the recipient. I assume it would be possible for the giver to stay anonymous through all this. Maybe not. Just a thought.
Posted on 3/16/12 at 5:02 am to Jim Rockford
Review the gift tax laws.
Posted on 3/16/12 at 5:08 am to Jim Rockford
quote:Yes. They'd be subject to significant tax considerations depending on the size of the gift though.
Hypothetical: Suppose you're sitting on a lot of money and decided you want to pay it forward/be a philanthropist or whatever. Would it be possible to just walk into the bank and pay off a friend, relative or total stranger's mortgage? In particular, could you do it anonymously and/or without their permission?
Posted on 3/16/12 at 8:21 am to NC_Tigah
Walk in to bank...make all but last pmt...next time they receive statement or go to bank(with most teller systems) it will inform them of it and will need the final payoff request amount.
I think they would be happier than you could imagine with only 1 pmt left.
I think they would be happier than you could imagine with only 1 pmt left.
Posted on 3/16/12 at 8:53 am to Jim Rockford
With privacy laws I doubt it.
Could you send a money order to them made out to the bank in the amount of the loan? You'd have to find out the balance somehow though.
Could you send a money order to them made out to the bank in the amount of the loan? You'd have to find out the balance somehow though.
Posted on 3/16/12 at 11:35 am to Jim Rockford
quote:
Jim Rockford
We're looking to buy in the Live Oak area. Would you mind spotting me 50-75K for a down payment?
Gfunktification@gmail.com
No seriously.
Posted on 3/16/12 at 11:41 am to Jim Rockford
You are welcome to pay off my mortgage anonymously.
Posted on 3/16/12 at 12:12 pm to Jim Rockford
quote:
In particular, could you do it anonymously and/or without their permission?
no.
what you COULD do is form a shell entity and offer to pay it off in consideration of non-existent quit claim right, phantom mineral rights, etc
Posted on 3/17/12 at 11:38 am to TortiousTiger
i dont even know what the above post is(not sure if real) It sounds legit though.
Either way, people are way over thinking this
Either way, people are way over thinking this
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