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Bxcutie · Jul 19, 2008, 06:50 AM

I relocated to Georgia and cannot sell my home in North Carolina. Since I have that outstanding mortgage, I'm unable to get another mortgage and I'm forced to pay rent, my mortgage in North Carolina and storage for the items that can't fit in my current abode. Something's got to give because foreclosure will be looming soon. Can I transfer my loan to a home in my current state that is one of my lender's REO?

I've gotten some responses saying that it can't be done by first line contacts at my mortgage company. But from what I know the property is only attached to the mortgage by a security deed. If the security deed is canceled and I quit claim the property back to the bank then the mortgage is no longer attached to the property. At that time I cannot see why the bank can't just draft a new security deed and quit claim for the other property to me.

Fr_Chuck · Jul 19, 2008, 07:15 AM

No the mortgage can not be merely "taken off" of the NC property, it has to be used to foreclose on that property if you don't pay.

You can't just walk away from it without having to pay the penalty and be liable for the legal issues.

If they want to give you a new loan with a new mortgage on one of their other properties. And I am sure they would at least consider giving you a new loan. If you were current on the other property and had good credit.

Bxcutie · Jul 19, 2008, 07:59 AM

I'm obviously not trying to just "walk away" from the debt. I want to pay the debt. If I could transfer it, both I and the bank would be in a win-win situation. It would not be necessary to foreclose if they remove the security deed and I quit claim the property to them (same result... less fuss). If the debt is transferred to the other REO property that they already have to sell anyway, they'll get 100% payment as supposed to who knows how much through foreclosure when you take the fees into consideration.

Fr_Chuck · Jul 19, 2008, 08:09 AM

If this was a small home town bank where you could sit down with the VP and "deal" this could actually work perhaps. But to be honest most of the larger banks are not even allowing deed in leu and no one at larger banks are going to make those types of choices.