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03-25-2009, 08:00 AM #1
Renter
- Join Date
- Mar 2009
- Posts
- 8
Anyone now about home swapping?
I have a home swapping site where people can advertise thier home for swap, however I am not really sure how it works. I get a lot of questions about this but I don't really know myself. Is there anyone who specializes in this. If so, I could send them to you for questions. Thanks!
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03-25-2009, 11:11 AM #2
Fixer Upper
- Join Date
- Oct 2007
- Posts
- 76
swap
Hi Dana,
That sounds like a good idea; however, the bank wouldn't go for a mortgage swap. If you can somehow overcome that obstacle you've got a winning idea!
Back in the day they had Blind assumption mortgages and your idea probably would have worked, it definetly helped when interest rates in the early 80's were at 16-19%. Most FHA, Va loans have provisions for assumptions, but buyers have to qualify for them.
Maybe we need to tell Congress to bring back the Blind assumptions. Blind assumptions did carry the risk to the seller offering it. They were still on the hook for the mortgage if the buyer defaulted.
Best of Luck
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