Legal Question in Family Law in Virginia

I'm currently seeking a divorce and have a house in my name only and I want to sign it over to her. Is that legally possible? There is still a mortgage to be paid that she's agreed to pay, if such a thing is possible, will the house still come up on my credit or will it show up on hers?

Thanks


Asked on 4/05/11, 10:32 am

1 Answer from Attorneys
Paul B. Ward Law Offices of Paul B. Ward

You can certainly transfer the ownership of your house to her, but such transfer may be viewed by the mortgage lender as justification for calling the entire amount of the loan due, requiring a refinance by her or sale of the residence; you would need to look over your loan documents and get in touch with the lender on the issue of whether the transfer violates a "due on sale" clause.

If the transfer is permitted under the present loan without refinance, you will still be the person liable on the loan, and if she misses a payment it will affect your credit, not hers. The only way to remove your liability on the loan is to have her refinance, making her the only borrower and paying off your loan.

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Answered on 4/05/11, 10:55 am


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