My sister lives in CA for most of the year, but she also owns a house in KY. Her house is a step up from mine, and she doesn’t feel the need to own a house in KY anymore. I would like to sell my house, assume her mortgage (so I get her low interest rate), and pay her what I make on my house.
What’s the best way to go about this? Thank you!
Posted by Background_Safety246
2 Comments
Most mortgages have a due-on-sale clause that makes the loan immediately payable if ownership transfers, so assuming her mortgage might not be possible unless the lender approves it (which they rarely do since rates are higher now)
Your sister should sell to the best offer in price and terms and give you the opportunity to match it.
And you should sell yours for the best price and terms too.