Legal Question in Real Estate Law in Virginia
Newlyweds need house advice
My wife bought a house when we first started dating with a mortgage. We are now married and we thought of refinancing and changing the mortgage to both our names. But that would cost a bunch of money in closing costs and the house has depreciated in the current market. Instead, I thought of buying out her equity and we would have me added to the deed. Can the bank call in her mortgage if I am added to the deed. I can�t find any reference to this situation in the mortgage papers and would rather know whether it is legal before contacting the bank.
1 Answer from Attorneys
Re: Newlyweds need house advice
It might be ok if there's no so-called due on sale or similar clause in the mortgage/deed of trust itself which could be triggered by the transaction
which you've mentioned, but if it's not readily apparent from the papers themselves, then you will likely need to inquire of the bank for a more definitive answer.
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