Legal Question in Real Estate Law in Virginia
To help me out financially a brokerage company has agreed to assume my home mortgage. They will pay the monthly payment but the loan will still be in my name until they sell the home. Is this an action I should take or not a good step to take? What legal obligations do I still have on the loan if I sign a contract with them to take over the loan?
1 Answer from Attorneys
Under no circumstances should you sign any contract with this company
until you've consulted with a local attorney who has had
the opportunity to review the terms of this contract and to advise you,
accordingly. (I should also add that numerous people since the recession
in 2008 have ended up losing their homes by signing these kinds of
contracts and without seeking the advice of counsel before doing so.)
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