Home Trading with Lenders?

jaimemsu · Joined: 13 Feb 2009 Posts: 1 1.47 Dollars($)

I apologize if this has been addressed before; I did a cursory search and didn't see this discussed.

I live in southeast Michigan. When we purchased our home three years ago, it was supposed to be temporary until we sold our home in Mid-Michigan. It took us a year to sell the old house, but given what has happened in the market, we're stuck with a house that doesn't come close to suiting our needs.

We can afford twice the payment we're making now, but will most likely not be able to sell our house due to location and the glut of foreclosures in our area. Plus, the house was built in 1928 and needs a little work.

My question is...are there any programs available where you can basically trade with a lender for a better home? Would a lender be willing to trade one of their higher-debt foreclosed properties for ours without forcing us to go the route of deed in lieu or foreclosure? We're making all of our payments and don't want to take a credit hit. I've looked through various homeowner swap sites, but it seems no one wants to move to my area, and rightfully so.

And guidance you can give would be appreciated.

Jaime

gmakerley · Posted: Fri Feb 13, 2009 12:10 pm Post subject:

sorry, jaime, but i cannot imagine a scenario in which a lender would want to trade houses. lenders are not in the real estate business - they are in the lending business.

smithsussane · Posted: Fri Feb 13, 2009 7:36 pm Post subject:

Hi jaimemsu!

Welcome to forums!

I agree with George. Even I haven't heard of lenders dealing with real estate. So there is hardly any chance that you will find a lender who will want to trade houses.

Feel free to ask if you have further queries.

Sussane

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