Is it possible to "swap" houses of comparable significance near another shindig and retain your existing mortgage loan?
We would like to swap houses with another couple. The houses are of comparable worth. In doing so, we would like to each preserve our existing mortgage loans in place and just verbs to make the same monthly payments as previously. Is this possible? If so, how is this accomplished paperwork-wise?
Answers:
You could "rent" to each other but you couldn't truly transfer ownership.
The short answer is no.
The mortgage is tied to the house and to the soul that borrowed the money.
A mortgage company COULD do it, but chances are they won't. It would take them seriously of time and legal work and it would expose the employee that approves this to losing their duty if they agree to do this and something goes wrong later.
So...No they won't do it.
This detail is covered in the mortgage papers. If the mortgage is transferable consequently yes, otherwise no. Probably not transferable, because the bank doesn't know anything about the credit rating of the other couple.
99% chance of NO, depending on what your respective mortgages read out about assumability. There aren't too many assumable loans out at hand any more, so that's why I'm saying 99%. Plus, don't think you can wave backwards and forwards around it by just going ahead and paying each other's bills -- if the other couple get behind on payments, it's YOUR credit azz that's on the line, not theirs! Tax issues, escrows, etc, adjectives get mucked up, too.
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Answers:
You could "rent" to each other but you couldn't truly transfer ownership.
The short answer is no.
The mortgage is tied to the house and to the soul that borrowed the money.
A mortgage company COULD do it, but chances are they won't. It would take them seriously of time and legal work and it would expose the employee that approves this to losing their duty if they agree to do this and something goes wrong later.
So...No they won't do it.
This detail is covered in the mortgage papers. If the mortgage is transferable consequently yes, otherwise no. Probably not transferable, because the bank doesn't know anything about the credit rating of the other couple.
99% chance of NO, depending on what your respective mortgages read out about assumability. There aren't too many assumable loans out at hand any more, so that's why I'm saying 99%. Plus, don't think you can wave backwards and forwards around it by just going ahead and paying each other's bills -- if the other couple get behind on payments, it's YOUR credit azz that's on the line, not theirs! Tax issues, escrows, etc, adjectives get mucked up, too.
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