Reply To: Client Owes $66,000 is a realtor with 2 rental properties and another one gets

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#14319
Christopher Carmona
Participant

I’m new at this too but I enjoy geeking out and thinking through the process with you. Hopefully someone else can correct my thoughts in another response.

If the client has the ability to full pay (which your client appears to have given the $45,000 in cash and equity in available in the properties) then they do not qualify for and OIC.

This leaves two choices; 1) Regular installment agreement or 2) Streamlined installment agreement.
Given their income and equity they will not qualify for a partial installment agreement.

The regular installment agreement requires all of the work you are going through above but the streamlined doesn’t. I’m an unsure if the streamlined is for under 50,000 or 100,000 now. But if it’s under 50,000 then have her pay 16,500 reducing her debt to 49,500 so that she qualifies for the streamlined. No other work needed.

I’d love to hear everyone else’s thoughts on this!