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Is it possible that I can ask the bank to trade mortgages. What I want to do is upgrade to another house down the road that is foreclose. Example,I owe lets say 200k on my home,but the bank wants 350k for house down the road. I think it's a good trade off. They will be in less trouble money wise on my home. Lets say my home is worth maybe 250 in this economy. The house down the road sold for 450k 2 years ago. Do anyone thinks it's possible? Do you know someone who have done this before?
no, I don't think so since the mortgage is a contract for payment between parties. They might be able to trade houses, but they will have to create a new mortgage contract with you for the new debt and collateral to be valid.
no, I don't think so since the mortgage is a contract for payment between parties. They might be able to trade houses, but they will have to create a new mortgage contract with you for the new debt and collateral to be valid.
Maybe I didn't say it right. I will buy the bank house for 350k,but they have to buy my house for 200k.
I think it is an interesting idea, but the problem is that banks really don't have a means to purchase property...nor are they particularly interested in creative solutions.
So you are talking about purchasing a home from the same lender that owns your home, right? or are you trying to have a lender "unrelated" to your property exchange it for one of theirs?
I think it is an interesting idea, but the problem is that banks really don't have a means to purchase property...nor are they particularly interested in creative solutions.
So you are talking about purchasing a home from the same lender that owns your home, right? or are you trying to have a lender "unrelated" to your property exchange it for one of theirs?
Same lender. It does seem like a good Idea to me. I want to upgrade,they want lower loan amount.
Same lender. It does seem like a good Idea to me. I want to upgrade,they want lower loan amount.
Well banks have a system for signing over the deed in lieu of foreclosure, so I would think you would want to utilize that system. They would originate a new loan for you on the new property and as part of that deal you would agree to sign over the deed of your home to them. That way when you close you would sign the deed over, and they would use the new loan to pay off the other loan, within their internal systems to "close it out" per se and remove the trust deed from the house.
Then they could do whatever paperwork they needed to sell the new less expensive home which in theory would be easier to sell.
Those are my preliminary thoughts on that idea.
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