Mortgage question- can I keep the mortgage I currently have?

Question

Okay, I've checked into this, and pretty much know the answer, but I'm curious if there are any loopholes. Basically, we're moving out of state, and would like to know if there is any way we can keep the mortgage/payment we have now, while using the proceeds from the house we're selling now to pay off the one we're buying free and clear.

From what I understand, we cannot keep the mortgage we currently have if we move, but I'm just curious if there is any way around this?

Answer 1

Try this

http://www.topamericanmortgage.blogspot.com

Its good

Answer 2

Nope, no way it can be done. That particular property is used as collateral for that particular loan. You can't transfer the loan to a new property. I know this is aggravating because you probably have a lower interest rate on the current property than what you would be able to get in today's market for a new property. But, unfortunately, that is one of the prices you pay for moving.

If that is the reason for your inquiry - lower interest rate - check with the owner of the house you are buying and see if their mortgage is assumable. Chances are it won't be (few are), but you can at least ask.

Answer 3

No, there is no way around it. In order to sell the house you currently own, the lender will require that the current mortgage be fully retired to release the lien on the property so that the next owner has clear title to the property.

You will be required to pay off the current and seek a new mortgage for the next property.

Answer 4

Of course not! Your current mortgage is forever tied to the property that was pledged as security, i.e. your current home.

Once you sell, it will be paid off automatically from the proceeds of the sale and will be in a paid status. Effectively it will no longer exist.

Answer 5

No