Mortgage Transfer

[SuzyQ]

Is it possible to transfer a current mortgage to another person and have them give me some sort of cash lump sum for what I've already paid to the mortgage company?

[admin]

The practice you describe is possible but very rare. Some loans are assumable and those will be easy to arrange the setup you describe. Loans that limit assumption will put a wrench in completing a deal structured like your question refers to.

[Broker]

Your best bet is to look at the contract you signed. Sometimes there are very hefty fees for doing such and you have to see if it is worth it.