Legal Question in Real Estate Law in Arizona

It is a long story and the short version is: can I sell my $335,000 mortgage to my son for $100.? I am unemployed and the mortgage companies (both with government handouts) will not work with me. My son has been making the $2500/month payments for 3 years and has been living in the home doing all maintenance and repairs. House is in zip code 85021, I live in 98029. Thank you.


Asked on 3/05/10, 6:59 pm

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

You don't sell a mortgage, you are the borrower and the lender owns the promissory note which is collateralized by a lien against the property.

You can sell the house to your son for $100 or simply quit claim the house to him, which he will then own subject to the mortgage loan. You will still be a debtor on this loan.

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Answered on 3/11/10, 9:16 am


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