Question: Can our current home mortgage transfer to another home(read)?

(Posted by: GoodGone on 2009-12-13 14:06:06)

So my dad is fed up with our small house. He owes $260K and we recently went to see a house in another nicer city for $250K, 3 times bigger then out current one. Is it possible to have my dad's current mortgage transferred to another house? So we can do a "swap " if you call it and still owe the same amount we do on our current one? I'm asking in curiosity because I don't like the current house we're in either, we grew out of it already :( Any help would be greatly appreciated.

Posted by: autumn on 2009-12-13, 15:30:52

No. It doesn't work that way.

Posted by: JOE on 2009-12-13, 14:36:23

Possible buy very unlikely to happen.

Posted by: dusty_titus on 2009-12-13, 14:52:46

Sorry, but that is just utopian thinking. In the real world your family must sell the old house, and get a new mortgage for the new house. The "swap " thing could be done, if the seller of the new house in the nicer city, wanted to trade directly with you, and give you his house in exchange for your old house, but no - that won't happen.