Legal Question in Real Estate Law in Virginia
My exboyfriend and I purchased a home 3 years ago and broke up almost immediately. He was in the process of refinancing when the mortgage company filed bankruptcy. I deeded over the house to him during this process and the loan fell through. Now, 3 years later, he can't get the house refinanced and says he can't until about 6 years until there is enough equity built up. Is there anything I can do to get this loan out of my name other than filing bankruptcy myself? And if so, will he loose the house and his credit be affected?
1 Answer from Attorneys
No, under the circumstances described, I can think of no credible reason
as to why the current lender would agree to allow your name to be removed
from this loan. And, yes, if former boyfriend cannot make the payments
himself (should you be removed via bankruptcy), the house will likely be foreclosed on with deleterious effects to his credit standing.
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