Alamosa, CO asked in Banking and Family Law for Colorado

Q: My son & his family move in with me then asked me to put up my home as collateral on a loan he needed. They got angry at

Me and moved out but asked my other son to move in and pay rent to him so he could keep up the payments on the loan.. I don't want to live with this son and family either.. can I sell my home and pay off the mortgage with the income from the sale.. I'm 62 years old and in good health but I feel so unhappy withis this living situation.. the son that borrowed my home for his loan has left me penniless.. I have no income..

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1 Lawyer Answer
James L. Arrasmith
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  • Business Law Lawyer
  • Sacramento, CA

A: I'm truly sorry to hear about your situation. Generally speaking, if you are the sole owner of the home and there isn't any legal encumbrance preventing a sale, you should be able to sell your home and use the proceeds to pay off any mortgages or liens, including the loan secured by your home. Before proceeding, it's important to review any written agreements related to the loan to ensure there are no stipulations that may complicate the sale. If your son is not on the title, he does not have a legal right to collect rent from anyone living in the property. It's advisable to seek local legal counsel to ensure you understand your rights and any potential legal implications. Remember, selling your home is a significant decision, so carefully weigh the pros and cons, considering both the financial and emotional aspects. It sounds like achieving peace of mind and financial stability is paramount for you, and an attorney can provide guidance on your best options.

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