Legal Question in Real Estate Law in Virginia

Deed was transferred to investor and now wants to claim bankruptcy.

What can i do? I turned the deed over to an investor about a 2 years ago and now the investor is attempting to claim bankruptcy. The loan is still in my name and the investor wants to turn the deed back over, attempt a short sale which will affect my credit, or restructure our agreement. What can i do to not take the house back which i can no longer afford or affect my credit. Thank you for your time.


Asked on 7/21/08, 10:17 am

2 Answers from Attorneys
Robert Strupp Robert J. Strupp,Attorney at Law, PLC

Re: Deed was transferred to investor and now wants to claim bankruptcy.

In order to answer this question, it is necessary to review the documents. I suggest you contact an attorney as soon as possible.

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Answered on 7/21/08, 10:47 am
Daniel Press Chung & Press, P.C.

Re: Deed was transferred to investor and now wants to claim bankruptcy.

I assume you deeded the property to this person, but rather than paying off the note he assumed it, either with or without permission of the lender. In order not to default (and damage your credit, and be liable for any deficiency after foreclosure) you need to stay current on the mortgage. His deeding the property back is probably the best bet, as that way at least you own it (otherwise, you are paying but not owning it). See a lawyer asap.

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Answered on 7/21/08, 1:15 pm


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