Personal Finance

Can I pay off someone elses' mortgage?

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  • Mar 6th, 2009 5:39 pm
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[OP]
Deal Addict
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Oct 4, 2001
1306 posts
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Can I pay off someone elses' mortgage?

I want to completely pay off a mortgage of someone who is in deep financial trouble without them knowing so that they don't feel a need to owe me anything. Is this possible?
All is not golde that outward shewith bright...lydgate
23 replies
Sr. Member
Jan 25, 2007
922 posts
57 upvotes
One hell of a nice thing to do, but it might be a hard thing to 'hide' from them.
Member
Jul 4, 2008
206 posts
I'm sure you could pay it, but I doubt it is something you could hide. You'd need to know the account number and amount owing which I doubt the bank will tell you.
Deal Fanatic
Jan 16, 2008
7562 posts
149 upvotes
you can tell me..i won't pay you back...LOL

"can i b ur friend?

LOL

but as others posted, it's unlikely since you need information about the mortgage.
you could just offer/do it and leave it up to the other person to choose to pay you back...or make them sign something in principal saying the condition is that no funds be returned?
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Feb 1, 2005
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The only way I can think of is to retain a lawyer to approach that person and make the offer/gift on your behalf. Instruct your lawyer that under no circumstances should your identity be revealed to the beneficiary.

If the person accepts, even though it's entirely to their advantage, they will probably need a lawyer as well and so you may have to foot the bill for both your lawyer (to make the offer) and their lawyer (to receive the funds and discharge the mortgage).

Writing this, I just thought of Dickens' "Great Expectations" and Pip and Magwich, LOL! :D
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Nov 28, 2005
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Toronto
ShopperfiendTO wrote:
Mar 6th, 2009 9:02 am
The only way I can think of is to retain a lawyer to approach that person and make the offer/gift on your behalf. Instruct your lawyer that under no circumstances should your identity be revealed to the beneficiary.

If the person accepts, even though it's entirely to their advantage
I don't think it's wise to accept such a gift, not knowing who the sender is.
[OP]
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Oct 4, 2001
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eastwood wrote:
Mar 6th, 2009 8:27 am
I'm sure you could pay it, but I doubt it is something you could hide. You'd need to know the account number and amount owing which I doubt the bank will tell you.
Getting their account number and the balance is not a problem. My question is could I just walk into a bank and pay it off and walk out without "fuss"?
All is not golde that outward shewith bright...lydgate
Newbie
Apr 13, 2007
73 posts
14 upvotes
Probably not... you will most likely be suspected of money laundering.
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Feb 1, 2005
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teknoluv wrote:
Mar 6th, 2009 9:09 am
I don't think it's wise to accept such a gift, not knowing who the sender is.
That's why the other lawyer requirement, and the Great Expectations reference. Oops, I guess I should have put a "spoiler alert" on that earlier post. :|
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Jan 13, 2007
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teknoluv wrote:
Mar 6th, 2009 9:09 am
I don't think it's wise to accept such a gift, not knowing who the sender is.
i got a random email from some prince in Nigera offering me a bunch of money. he's mailing me a money order and i get to keep half of it!
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Jan 26, 2007
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also, as far as discretion is concerned, do you care if they EVER find out it was you? They'll probably put 2 & 2 together when they get the letter that says "your mortgage is paid off".

I thought about doing the same for others (when I get rich :-) ) and wonder what you would have to do... I think you may have to poke around in their files to get a statement then get a draft for the full amount outstanding, made payable to the mortgage holder, then send it with a letter stating that the draft is in full payment of a specific mortgage number.

It may look fishy, but innocent until proven guilty. You can tell the BANK what you are doing and why, but be careful not to make the bank think that your friend is a credit risk: just say you are doing it because you have been blessed financially and want to share that with your friend.
na na na na na na na na na NA.
Deal Addict
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Apr 14, 2005
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As a first step I would make an appointment to speak with a Manager at the bank branch that holds their mortgage. Explain to him what you want to do.

I can't see any reason why the bank manager would not try to help you accomplish your goal unless there are laws/policies prohibiting him from doing so. Particularly if you explain that you will pay it off, including all penalties, in a situation when the alternative is that your friend is likely to default on it. If I am the bank manager I know which option I would choose.
Deal Guru
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Nov 19, 2002
11917 posts
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It might be easier to have a third party mediate it directly with the person who has the mortgage. Have a lawyer (not your lawyer, if it's possible your friend could make a connection) contact them. Arrange payment through same.
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Oct 16, 2001
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mcfalski wrote:
Mar 6th, 2009 9:27 am
Probably not... you will most likely be suspected of money laundering.
Give us a list of reasons why, with proof. Otherwise your just spouting garbage
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