Advice with GMAC settlement offer

[Bobacus]

Currently in Chapter 13 and have been offered a settlement offer by GMAC for $18,600 on a mortgage on appx. $71,000. Per letter from GMAC:

After a careful review of certain information, we have elected to accept $18,600.00 in
certified funds as full and final satisfaction of your account. Upon receipt of the
above-mentioned payment, GMAC Mortgage, LLC will release the first mortgage lien and cancel the Note and/or Credit Agreement.

This is a rental home with tax value of $61,000 and mortgage of appx. $70,000. I have someone that wants the home and will fund the $18,600 and I will then sell the home to him for this amount. What tax implications will this have on me and how can this effect my current chapter 13 status.

(Investor will then pay me a sum "under the table")

[newbie2]

Currently in Chapter 13 and have been offered a settlement offer by GMAC for $18,600 on a mortgage on appx. $71,000. Per letter from GMAC:

After a careful review of certain information, we have elected to accept $18,600.00 in
certified funds as full and final satisfaction of your account. Upon receipt of the
above-mentioned payment, GMAC Mortgage, LLC will release the first mortgage lien and cancel the Note and/or Credit Agreement.

This is a rental home with tax value of $61,000 and mortgage of appx. $70,000. I have someone that wants the home and will fund the $18,600 and I will then sell the home to him for this amount. What tax implications will this have on me and how can this effect my current chapter 13 status.

(Investor will then pay me a sum "under the table")

You are currently in a Chapter 13 and absolutely need trustee approval to do anything with this home. Your last line: "Investor will then pay me a sum "under the table" is scary. You're talking about alot of money that you are going to try to keep from the trustee.

Contact your attorney and tell him/her about your plan before you do anything.

Edited to add: Please read the advice given to you in your other thread on this, about a month or so ago. http://www.bkforum.com/showthread.ph...297#post458297