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trading homes

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guest Guest 0.10 Dollars($)	Posted: Sun Mar 02, 2008 5:38 pm    Post subject: trading homes my mother and are wanting to trade houses, hers is to much for just her and mine is not enough for me and my growing family. what steps do we need to do in order to take over each others mortgages? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
helping_user Joined: 31 Mar 2006 Posts: 803 Location: Hawaii 149.53 Dollars($)	Posted: Sun Mar 02, 2008 9:51 pm    Post subject: RE: how to take over each others mortgage Welcome guest. To take over each other's mortgage you need to talk to the lenders first and find out they will allow for such a transaction to take place. But why do you want to take over your mother's loan? what type of loans have the both of you taken?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 1427 Location: bloomfield, ct 60.00 Dollars($)	Posted: Mon Mar 03, 2008 8:31 am    Post subject: you are required to advise your lenders of this change in residence and ownership. if you are simply "trading" homes, it would seem the easiest method would be by quit-claim deeds - since no sale or new loan would be necessary. _________________ George M. Akerley Senior Loan Officer Freedom Mortgage Corporation 37 Jerome Avenue Bloomfield, CT 06002 860-286-0444

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