Is it possible to trade my house for another and keep my original mortgage?

I would love to relocate without the time and hassle of selling my home. My question is there a program that would allow me to trade my house for one of equal value?Is it possible to trade my house for another and keep my original mortgage?
You can swap houses but unless both houses have assumable mortgages, you will have to get a new mortgage and pay closing costs for a new mortgage. You will not be able to keep you current mortgage.





I would say the odds of all of this working out are very slim and the hassle may be more than selling your house and buying another.Is it possible to trade my house for another and keep my original mortgage?
I am afraind the answer is no. A mortgage is based on your Legal Descrition, address, appraised value, etc - It would be great if you could do it - but you will have to sell your home or buy another place as an investment property, than sell your place or rent it out - put in in a true recorded land contract, where the person pays you by check each month for 12 months, than they can do a refinance, and you will get your money (if they can not obtain a loan that is, than a land contract is worthwhile). Good Luck!
A 1031 Exchange is for INVESTMENT properties ONLY! A mortgage is based upon the house as collateral. If you want another house it would have to be re-financed as the basis of the original note has changed. Talk to your lender to see if you can get the same rate for a different house. Unlikely but it is based on the value of the new house. If you are ';trading-down'; it just may work but you will have to ';close'; again.
A 1031 Exchange might be an option, but you still need to find a willing person for the exchange, and would still need to get a new mortgage.





http://www.realtor.org/libweb.nsf/pages/鈥?/a>
No, the ';portable mortgage'; will not work. All mortgages have DUE ON SALE provisions that mean you must pay the mortgage if you sell it. While many people get 30 year mortgages, lenders know that the average mortgage gets paid off in 7 years because of sales. Thus, if you could have portable mortgage, you would be paying a higher rate since you really COULD have it outstanding for 30 years, not just the average 7 years.
You can try doing a 1031 Exchange (Tax Free Exchange). Talk to a tax advisor/preparer. I highly doubt that you will be able to simply ';exchange'; your home for another, and keep the original mortgage. Mortgages are property %26amp; people specific. Just because you're the same people, the home itself is not the same. Basically, talk to a tax attorney and a mortgage broker.
You can trade houses, but not mortgages. It would be nice to have a ';follow me'; lien. The only way to do this will be too risky for the reward.





If you live in Southern California, let me know.





Regards
First - A 1031 is out of the question!





Second - http://www.pauld-kw.com


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