Short sale, can we switch mortgages? (commission, sales, settlement, price)

[Kayekaye]

My neighbor is selling their house through short sale. They have gotten in over their head for one reason or another. But my question is, can we switch houses and switch mortgages? She needs the equity and I love their home. It would be a great house for me to retire in. I have read up about Quitclaim deed but just not getting a clear understanding of it. Has this been done? Anyone know anything about how to succeed with this? I imagine this is a no commission for the realtor?

[Modification Specialist]

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Through your reseach you know that a quitclaim deed is a legal document for transferring any ownership in a property.

Since there is an exisitng lien which the amount owed in more than the property's worth. A quick claim deed will not work due to your neighbor has no amount of ownership (equity) that can be transfered.

Mortgages can not be switched, they have to be satisfied. You can make an offer to purchase the property. Through a short sale the lender is agreeing to a lower settlement.

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[Kayekaye]

Well I have no understanding of these things obviously. Thank you for explaining it. I have bought several houses but never knew what quit claims or short sales involved. I can't afford the price of her house even though it's a short sale and below what she owes. My home does not cost as much as hers does, so I wouldn't be able to buy it.

Thanks again.