Posted on: 28th Feb, 2009 06:00 pm
Hello, My mother and I have decided to swap houses. She wants to take over my mortgage and I will take over hers. This is a switch that will benefit us both. Our payments are close to the same in $. Her house is worth more $. I'm really unsure where to begin.
Thanks
Thanks
hi kswill,
if you want to take over her loan and she yours, you need to refinance. she needs to sign a quit claim deed to transfer the title of her house to you so that you can refinance it in your name and pay off her mortgage and vice versa. a novation agreement is also a possibility, but it's subject to the lender's approval.
if you want to take over her loan and she yours, you need to refinance. she needs to sign a quit claim deed to transfer the title of her house to you so that you can refinance it in your name and pay off her mortgage and vice versa. a novation agreement is also a possibility, but it's subject to the lender's approval.