How Do We Switch Homes??

ashleylharris · Joined: 14 Mar 2008 Posts: 1 1.32 Dollars($)

My husband and I want to switch homes with his parents. We both have mortgages and we are not sure what is the best route to take to switch and what will be the best way financially. Please Help!

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi ashleylharris,

Welcome to the forum.

Why do you want to "switch home"? In that case you may have to take another mortgage. Can you afford two mortgages together? Or you will sell off the previous one to pay off the mortgage?

To give you a better answer you need to provide us information on your financial condition and what kind of the house you want to buy (price range of the house and the mortgage type etc.)

Best of luck,
Larry

Guest 0.10 Dollars($)

We want to switch homes because we are outgrowing our house but cannot sell it right now because of the market. My husbands parents do not live in their house...it is a second house and currently unoccupied. No my husband and I cannot afford to pay both mortgages. They house we want to buy is in the Mid 100's with a 30 yr. fixed loan

helping_user · Posted: Fri Mar 14, 2008 10:08 pm Post subject: RE: swtich homes with parents

Hi Larry and Ashley,

Swapping homes is like you buying your parents home while the latter buying yours. And along with the homes, you also take responsibility of one another's mortgage.

First of all, Ashley needs to take permission from his lender and then he needs to talk to the parents' lender. You need to explain clearly why you wish to swap because the lender has to be convinced that he isn't losing anything here. So, you need not take responsiblity of 2 loans. Your parents should be taking over your loan as a result of swap. But have they agreed to do so?

Without agreement of your parents and the lenders, the swap is not possible. But I must say, you've thought of a good option indeed!

Thanks.

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