I have been thinking it would be in our best interest to walk away from our house...because it's underwater and needs so many repairs. The main reason why we found ourselves bankrupt in the first place is because we bought this money pit of a house. I keep thinking...why stay and risk getting in debt again by doing the necessary repairs. Then...I started thinking...I wonder if Citi Mortgage would allow us to do a house swap. I noticed on Citi Mortgage's website they have homes for sale (foreclosed homes) and maybe we'd like one of those home that is comparable in price to our house. If so...maybe Citi Mortgage would allow us to swap houses. That way they still only have one house that is foreclosed instead of two...and a new affirmed mortgage with us. It could be a win win for the both of us. Has anyone heard of anyone else doing this...and does it sound like something that is possible? Or am I just dreaming...
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Interesting idea, but probably not going to happen.
I have never heard of it happening...and it is unlikely Citi or any other bank, has a system in place to facilitate such a transaction. Realize that large corporations are very "systematized", which means everything has a check list, standards, and benchmarks. It is very difficult for them to do something that is outside the system.
The reality is, in your scenario, they would still need to foreclose on your existing home (or take a deed in lieu). Then you would still need to go through underwriting on the loan to BUY the other house, unlikely you could qualify now.
Nice idea, but sorry to say, to many legal and practical obstacles to actually get it done.
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