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Will banks trade up a mortgage from a client who has no late payments or delinquencies?

I'm considering the concept of trading my BOA loan on my existing house  mortgage for a short sale that is also owned by BOA.  My house owes $163k and is appraised at $191k, the short sale owned by BOA is $325k, but I can probably get it with a $300k bid.  Am I crazy?  Wouldn't BOA want to own a $163k house versus one appraised at $324k?
  • September 06 2011 - US
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Answers (2)

Best Answer

The mortgage morket doesn't work that way. Your existing loan is tied both to you and the property.  Sell your existing home and then buy the other house. It must be two separate transactions. Bottom line there is nothing simple in the mortgage business, plus the Government is involved in every step which is actually costlier in some cases. 
  • September 06 2011
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  • September 06 2011
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