Legal Question in Real Estate Law in Virginia

Deed Against Foreclosure

This is submitted on behalf on an elderly woman who can no longer afford her home due to decreased soc. sec. benefits since the death of her husband 1+ yr. ago. Their loan was a VA loan sold to a mortgage co. in DesMoines, IA. If she goes through with the above procedure, is her credit at risk? Can the mortgage co. go after the couple of thousand remaining in her savings?


Asked on 11/17/00, 4:14 pm

1 Answer from Attorneys
Bruce Marshall Durrette, Irvin & Bradshaw, P.L.C.

Re: Deed Against Foreclosure

There are various issues you raise about which I would need more information to give a concise answer. For example, how much equity does the owner have in the property, i.e. what is the fair market value of the home less the mortgage balance? What procedure is she contemplating, because the question does not make that clear. Finally what conversations has she had with the VA about the loan itself, because I believe that the VA has a lot of exceptions to the general rules about mortgages being in default. With these questions being answered, I think I can better respond.

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Answered on 11/28/00, 9:20 am


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