Question by ppnj4: How do I switch homes/mortgages with a family member?
I have a small home at the shore with 29 yrs left on a $ 207,000 mortgage (est worth $ 280,000). My Aunt In-Law has a large home (est worth $ 300-500,000). She wants a small home at the shore – I want a large home. Seems like a match made in heaven but we are unsure of how to go about switching. Due to a recently failed business I have no saving, very bad credit, just enough income to pay my current mortgage, and have already been turned down for refinancing or the possibility of a new mortgage. I would guess since she has lived there all her life she owes little to nothing on her mortgage, and I know her income is basic. Her nest egg is the equity in her home. We thought about having her hold the note on her house with a “rent to own” deal but that still leaves our mortgage. A realtor said to sell out right to each other but without the ability for us to get a new mortgage we wouldn’t be able to afford her home. She doesn’t want to lose her equity either. Any advise?
Answer by goz1111
will your aunt carry the note on her place if she has a low note?
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