Legal Question in Real Estate Law in Virginia
My 90 yr old mother, who lives in TN, has inherited a house in Fla. with a $120,000 mortgage. She cannot afford to pay that mortgage by herself, so my brother, who lives in FL and I (in VA) intend to each pay 1/3 with our mother. What do we have to do to get the house into 3 names and refinance the present 10% mortgage?
Asked on 7/27/10, 12:19 pm
1 Answer from Attorneys
To be added to the mortgage, you must get the property refinanced. Assuming there is sufficient equity in the residence, the lender would gladly add additional "pockets" (i.e. you and your brother) to the mortgage liability. As part of the refinance, your mother can add the two of you to the deed via a deed of gift. Very common and should be relatively inexpensive.
Answered on 7/28/10, 5:55 pm
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
