If you’re having trouble making mortgage payments, you need to consider your options, and quickly. If you miss payments, you could risk losing your home to foreclosure. One possible solution is to sell your house to a cash buyer.
Mortgage Default
Mortgage lenders want their money, so they will give you a chance to catch up on your payments. If you expect your financial situation to be temporary—say, you’re between jobs or you’ve had a medical emergency—you should contact the mortgage company and discuss your options.
However, if you have made no payment for 120 days, your mortgage is in default and the lender will begin foreclosure proceedings. A default on your mortgage can also occur if you don’t pay property taxes or homeowners insurance.
Foreclosure Process
Foreclosure is the legal process by which the financial institution takes ownership of your property. Laws vary from state to state, but in general, if no agreement is reached to settle your debt, you have to move out and your home may be sold at auction.
Going through foreclosure will settle your debt, but it will have a negative, long-lasting impact on your credit. To avoid this, you may want to consider selling your home in a “short sale.” If you sell your home, your lender may agree to accept the proceeds as a loan pay-off.
The Cash Sale Option
Since you have limited time to sell your home, selling to a cash buyer might be the fastest solution for you. Unlike a traditional home sale, you won’t have to spend money to make repairs or fix up your home in any way. Instead, the cash buyer will purchase your home in its present condition.
With a cash sale, you can get an offer within 24 hours, and you can usually close within a week or so. That means you can get the cash to pay off the mortgage before foreclosure proceedings begin.
Facing foreclosure can be a difficult situation, but there are several paths you can take to resolve the problem. The cash sale may be one of them. If you’re behind on your payments, speak to your mortgage lender and discuss what’s right for you, and whether selling to a cash buyer might be an option.
You can avoid foreclosure by selling your home for cash. Click here to connect with a cash buyer in the Atlanta area.
