Legal Question in Family Law in Virginia

Buying out of mortgage

I am in the process of separation and wanted to know 2 things. My soon to be ex can not refinance the home on his earnings alone, he needs a co-signer. If he is unable to find a co-signer then what happens? We are also in the negative for the face value of our home, the house was appraised for less then what we owe on the loan, so selling it would put us in the negative. Should I proceed with the sale, because I want to purchase another home, or what are my options?


Asked on 11/15/08, 7:56 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Buying out of mortgage

Yes, the way things seem to be still trending in the housing market, later will likely be worse for you than now(in my opinion).

Furthermore, if your husband is unable to refinance, you will remain on the "hook", so to speak, for the house note.

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Answered on 11/15/08, 10:58 am


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