Legal Question in Real Estate Law in Virginia
My mom and I bought a Home together in Virginia in 2008. We worked together in a family business for the last few years and both lived in that house together the entire time. 4 Months ago my girlfriend and I had a baby, the relationship went sour, and my mother's behavior forced me to take the baby and rent another property. I would like to start looking into buying a new property and sever ties with my Mother and the old property. What will have to be done now to get the House off of my credit and relinquish legal responsibility of the home? will I be compensated for the home? The original value of the home has been paid down in the ball park of $45,000.
1 Answer from Attorneys
The best approach would likely involve your negotiating with your
mother a buyout by her of your interest in this property, and, if at all possible,
a refinance on her part that would remove you from responsibility for the mortgage.
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