Posted on: 02nd Mar, 2008 04:38 pm
my mother and are wanting to trade houses, hers is to much for just her and mine is not enough for me and my growing family. what steps do we need to do in order to take over each others mortgages?
Welcome guest.
To take over each other's mortgage you need to talk to the lenders first and find out they will allow for such a transaction to take place.
But why do you want to take over your mother's loan? what type of loans have the both of you taken?
To take over each other's mortgage you need to talk to the lenders first and find out they will allow for such a transaction to take place.
But why do you want to take over your mother's loan? what type of loans have the both of you taken?
you are required to advise your lenders of this change in residence and ownership.
if you are simply "trading" homes, it would seem the easiest method would be by quit-claim deeds - since no sale or new loan would be necessary.
if you are simply "trading" homes, it would seem the easiest method would be by quit-claim deeds - since no sale or new loan would be necessary.
We are trying to sell our home for about $140,000 and the prospective buyer is selling their home for $83,000.We are wanting to buy their home and they are wanting to buy our home.How does this trading houses work?
well, stan, i don't think $83 for $140 is a very fair trade, do you?