Hello everybody,
I’m new here and have the first question right away. Unfortunately, I have to go back a little on this. But I urgently need advice.
My mother-in-law owns a single-family house, on which her brother has registered a mortgage of EUR 385,000.00 due to impending enforcement. However, this money never flowed, it only served to devalue a threatened enforcement. The mortgage was registered in 1996.
Now she has received a purchase offer, which is subject to the condition that the mortgage is canceled.
Now to my question: can you simply have the mortgage canceled? If so, the money never flowed, and nothing was ever paid back.
In the worst case, is there a gift tax? If so, how much would it be with this amount (I guess around 150,000 EUR), or just a cancellation fee (probably 200.00 to 300.00 EUR).
Your brother is a pastor and of course does not make any demands. It’s all about how to extinguish such a mortgage without incurring high costs and whether this is even possible.
Thank you for your answers.
Greetings doux28
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