Legal Question in Real Estate Law in Virginia

To help me out financially a brokerage company has agreed to assume my home mortgage. They will pay the monthly payment but the loan will still be in my name until they sell the home. Is this an action I should take or not a good step to take? What legal obligations do I still have on the loan if I sign a contract with them to take over the loan?


Asked on 12/09/16, 9:05 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Under no circumstances should you sign any contract with this company

until you've consulted with a local attorney who has had

the opportunity to review the terms of this contract and to advise you,

accordingly. (I should also add that numerous people since the recession

in 2008 have ended up losing their homes by signing these kinds of

contracts and without seeking the advice of counsel before doing so.)

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Answered on 12/12/16, 8:08 am


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