Legal Question in Real Estate Law in Virginia
deed of trust for house
i was convicted of bank fraud and the us gov put a judgement against my property. i have now refinanced and added my partner to the mortgage. first, how do i go about adding her to the deed? second, if i sell her the property of give it to her so that my name is no longer on the deed will the judgement be removed? how can i remove my name with the judgement, because in the future we do want to sell and relocate.
2 Answers from Attorneys
Re: deed of trust for house
You can add the name of your partner to the deed simply by having the deed redrawn to reflect this additional owner and then re-recording it.
If your name is removed from the deed,
you will still owe the judgment. If your name, however, remains on the deed, the judgment will have to be satisfied (paid off) in order to get the lien encumbrance removed, and, if the property is sold with it still in place, the judgment will have to be paid off before the sale can proceed.
Re: deed of trust for house
Adding your partner is no big deal.. you just have a new deed drafted by an attorney. However, the judgment remains in force whether you are or you are not on the deed for 20 years (normally speaking). When the house is sold the judgment will need to be satisfied regardless of who is on title (with very narrow exceptions). So bottom line: pay your judgment (maybe by negotiating a lower amount if possible) and move on with your life.
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