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Most loans these days are not assumable, meaning they have a "due on sale" clause, meaning if you transfer ownership of the house, you have to pay off the loan.
That being the case, both of you will almost certainly have to get new loans for the new houses, so you will still have to jump through all the same hoops.
Lol, the hoops are actually more exhausting. Do the two parties have a relationship outside of the transactioin? ie, relatives, boss & subordinate? If so, you also have a non-arms-length transaction. You'd be better off going to the same new lender for the swap for new loans for both of you......or, go see a real estate attorney and ask him or her about a land installment contract. (basically a swap of properties and mortgages that doesn't go through the court house). I'm not going to argue it's legality, but I will say there are many attorneys and realtors that handle these transactions openly (advertising) and give classes in them. Get the facts and decide for yourselves.
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