How to sell your house if you are behind on payments
December 11, 2020
December 11, 2020
If you are behind on your mortgage payments, that doesn’t mean that you can’t sell your home. Countless families have sold their properties even after falling behind on their mortgage. You can avoid foreclosure by selling quickly. A great way to do this is by selling your property for cash.
Thousands of Americans have fallen behind on their mortgage payments and were still able to sell their homes. Just because you’ve fallen behind on your payments doesn’t mean that you won’t be able to sell your property. It might mean that you will need to sell before a certain date. In some cases, lenders have 120 days to foreclose on a property after a series of late payments. Selling before that date could allow you to retain your equity. In cases where the home is now worth less than the mortgage, you may be able to conduct a short sale. You also can sell your property as-is to a cash investor.
Falling Behind Doesn’t Mean You Can’t Sell
The most important thing to realize is that countless American families have fallen behind on their mortgages. They could still sell their properties. Selling is one of the rights of ownership. Recognizing that you can still sell is important, because some families get paralyzed with the fear that not paying a mortgage will stop them from being able to conduct any type of real estate transaction. That isn’t the case.
You Can Sell Quickly To Avoid Foreclosure
One of the reasons you may want to sell your property quickly is to avoid foreclosure. Typically, lenders get a set amount of time required by law–usually 120 days–before they can foreclose on a property after the homeowner stops paying. If you have fallen behind on your mortgage payments and want to sell, then you probably need to sell in this window. If you don’t, the bank could foreclose on your home and you could lose the equity. For this reason, it is advisable to sell as quickly as possible.
You Can Also Conduct A Short Sale
In cases where the home’s value is less than what is owed on the mortgage, you may be able to conduct a short sale. Short sales are always pending lender approval, so you’ll have to check with your lender to see if you are eligible to conduct one of these types of transactions. Short sales tend to be more rare than traditional home sales, but they may be an option for you if you are underwater on your mortgage. Another option for selling your property quickly is selling as-is. You can sell your property for cash to an investor and avoid the hassle of dealing with the traditional sale process.
If you are behind on your mortgage payments, you can still sell your property. You don’t have to worry about going into foreclosure. You can sell your property to 4 Brothers Buy Houses, and we’ll work with you to get you the value that you deserve for your home. Regardless of the condition of your home, we will buy it for cash. You don’t have to do any expensive renovations or repairs. Give us a call today, and we can provide you with a free, no obligation quote. Let’s get started.