Posted on: 10th Jan, 2011 06:03 am
We are looking to switch homes with our in-laws they owe 50,000 on theirs and we owe 138,000 on ours. Our home is a single bedroom one level on 6 acres, theirs is a 4 bedroom large farmhouse on 80 acres and has been a work in process as far as remodeling. The reason for the swap is benefiting both: we are looking to add to our family of 3 and need more room, they are hoping to see thier home completely remodeled but do not have the energy to do it themselves and our home will serve as an appropriate retirement home for them. How can we do this legally-- what we would like to do is switch homes and my husband and I continue to pay the mortgage on ours and take over our in-laws at the same time...Can we do this and if so how?
hi raych!
welcome to forums!
you will have to transfer your home to your in-laws by signing a property deed and ask them to refinance the existing mortgage in their names. however, they will be able to refinance their existing mortgage in their name only if the property has equity. similarly, in your case, you will have to do the same thing.
feel free to ask if you've further queries.
sussane
welcome to forums!
you will have to transfer your home to your in-laws by signing a property deed and ask them to refinance the existing mortgage in their names. however, they will be able to refinance their existing mortgage in their name only if the property has equity. similarly, in your case, you will have to do the same thing.
feel free to ask if you've further queries.
sussane