Legal Question in Wills and Trusts in Virginia
liens on property
Since deceased deedholders left property that has liens on it, with no will, can their legal heirs return property, which is not paid off yet, to the mortgage company that currently owns property? The heirs cannot afford to pay off liens, and they are willing to return debted property back to mortgage company. Second question: if heirs make payment arrangements to pay off liens, it will take years, house will be paid off in 1.5 years, can lienholders still attempt to sell property at payoff?
1 Answer from Attorneys
Re: liens on property
The heirs would need to first determine whether
the mortgage company would be willing to accept these properties back in return for extinguishing the liens.
Any such payment arrangements as have been referenced would need to be done pursuant to a written contract which would be written in such a manner as to foreclose the possibility of such a sale by the lienholder as has been suggested.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
