Legal Question in Real Estate Law in Arizona

I am about to go into forclosure and have the opportunity to sell a 1st and 2nd which are upsode down to a Holding co. in FL. They take over all debt, I stay in the house until they sell, through a Quit Claim, etc. How do I know this is legit?


Asked on 10/29/10, 10:22 am

1 Answer from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

If it sounds to good to be true, it isn't. You don't own the first or second mortgage, so what do you have to sell? Those are your loan obligations. Why would anyone take over your debt? If you quit claim ownership of the house to someone, that is still your debt and they take ownership subject to that debt. Makes no sense to me.

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Answered on 11/03/10, 10:48 pm


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