Feb
28
Can I Sell My House To My Mom For Half Of What I Owe On It?
ByI owe $432,000 on my house. A couple of the houses in my neighborhood sold for half of what was owed on them mainly because owners had lost their jobs and wanted to avoid foreclosure. I’m going through the same but I want to stay in my house. Can my mom buy it from me for half of what I owe on it that way I can still stay in the home and pay her the rent?
2 Comments
February 28th, 2010 at 6:24 pm
You can not do a short sale to anyone related to you. Loan fraud.
February 28th, 2010 at 6:44 pm
It is called a short sale and is at the discretion of your lender. Check with them to find your options. It would have to be marketed to all prospects, not just your mom. The buyer would have to have the cash or qualify for the loan – could your mom do that? Your lender may work with you to avoid the whole foreclosure thing – if that is really the case. You signed on the line for that amount – there are a whole bunch of borrowers that are up side down too and would like to be able to cut their balance in half -