Legal Question in Real Estate Law in Virginia

Foreclosure and Deeded Property
Mom & Dad own a house that sits on about 5 acres of land. They allowed 2 sons to each build a home on some of this land. The two sons didn't borrow money in their own names to start their homes so they do not have their own mortgage. One son built his house himself (they are a family of contractors)& the other son's home is somehow wrapped up in HUD & cannot be touched for the next 10 years?? I'm not certain about that part. The mortgage for the property is $140,000 (valued at $300,000) w/ a monthly payment of $1100 which is split 3 ways (approx. $365 per household). Over the years the mom & dad have taken equity out of the property, but that is not an option now due to lack of jobs, credit, etc.
The mortgage is now behind 3 months (total owed is $3300 + late fees) b/c 1 son is out of work & the father just had open heart surgery & is also out of work.
The question is: Is there any way that the property can be separated so that if one household gets behind, then all households would NOT be at risk? Is it possible for the mother and father to sell or deed to the son the part of land on which his house sits along w/the house itself? If it's possible, do they have to wait until payments are current? How can this be done?

Asked on 9/27/04, 9:35 am

John Sawyer Sawyer & Azarcon, P.C.

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Re: Foreclosure and Deeded Property

You need to consult with a local real estate attorney ASAP. Your problem is far too complicated for an Email analysis and solution.

Answered on 9/27/04, 2:53 pm

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