Legal Question in Real Estate Law in Arizona
lending money to pay off a mortgage with repayments monthly
With high interest on the mortgage ,Iwant to loan the money to pay it off and set up monthly payments with lower interest payments to my living trust, What forms should I use to do this and register it with couinty records office for legal interest in property?
2 Answers from Attorneys
Re: lending money to pay off a mortgage with repayments monthly
This is usually done with a promissory note and a deed of trust. You should have a title company handle the escrow with a title policy, and it is risky to do this without an attorney unless you are very sophisticated in this type of transaction, which does not appear from your question.
Best regards,
James D. Jenkins
Re: lending money to pay off a mortgage with repayments monthly
Are you saying that you want to loan someone money to pay off their house, and then this person is going to make payments back to you?
If that's the case, this is not a transaction I would do with some forms found on the internet. You should contact a lawyer to draft a Note and Deed of Trust.
If you are trying to do something else, then I do not understand the question and you should repost it with more details.