Readers sometimes ask if it's possible to transfer a mortgage to somebody else.
If you're underwater on your home, it may be tempting to "shift" the mortgage to a buyer instead of facing foreclosure or a short sale. Your credit will be better, and you'll be free from the payments. Is this possible?
If you can find a willing buyer, it may make sense - and it might even be possible.
Keep in mind that the buyer may be better off without your loan (by buying the home with a brand new loan). If you owe more than the home is worth, your buyer needs some kind of benefit. These days, interest rates are low, so it's hard for the buyer to come out ahead. However, it's also harder to get a loan - and that may be where you both win.
For the strategy to work, you need an assumable loan. Your odds are best if you have an FHA or VA loan, but you can always ask your lender if they're willing to work with you.
Learn more about what it takes to transfer a mortgage.