Home Buying in Poplar>Question Details

Frankie, Both Buyer and Seller in Brule, WI

I own a mortgage in Chippewa Falls, WI. I am looking for land up near maple, do banks do mortgage swaps if i have the equity?

Asked by Frankie, Brule, WI Wed Mar 7, 2012

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Banks sell mortgages to each other all the time, rarely will they swap with an individual because the one you own probably doesn’t meet secondary market criteria. Even hypothecation would be difficult because their mortgages are more liquid when secured by real estate as opposed to a note secured by another note. If you are trying to buy a property you could structure the new payments to meet the ones you are receiving, hope this helps,
0 votes Thank Flag Link Thu Mar 8, 2012
Sounds like you need a realtor to bring a buyer to close out the property in Chippewa or you can refinance to use the equity to purchase the land. If you are looking for a person to assume your mortgage and there's equity in the property, buyer is going to need to throw some money at the deal. Banks don't wanna own property - they've got a lot out there now and none of it is selling for enough to cover their losses. Real estate is getting better so don't hesitate to check w/a knowledgeable realtor to see where you stand. If you've got waterfront or acreage, we're hooked up w/Cabelas Trophy Properties and are aggressively looking for that type of property to market. Good luck! Charlie Tiffany, Broker Associate - Prime Realty 715-495-1022
0 votes Thank Flag Link Wed Mar 7, 2012
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