Legal Question in Real Estate Law in Virginia
mortgage loan default
i was sharing a home with someone. i am not living in the home at the present time. the co-borrower still resides there, but has made no effort to pay their share of the mortgage, etc. they have also closed the joint acct. that our payments are sent to. i suspect they are going to move out of the home w/o notice. i want to solely own my home, and have already started to refinance, etc. is there any legal solution to this problem?
1 Answer from Attorneys
Re: mortgage loan default
Yes, get the refinance of the property soley in your name going and completed as quickly as you can.(The current lender will likely not be willing to release the co-borrower from the mortgage unless you can clearly demonstrate that you have the financial wherewithal to pay it on your own.)
And, if the co-borrower's name is also on the deed, you will also then need to negotiate a buyout of this person's equity share/interest in the property(if there be such)in order to own it free and clear of any claims by this other person.
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