Getting behind on mortgage payments can happen to anyone and it’s often due to unforeseen circumstances. If you find that you aren’t able to make your payments on time, you may be left wondering what options you have. Selling the home might be your only way out. Can you sell in this situation?
The Short Answer
The short answer to this question is yes. Selling is an option, but there are certain limitations. If a home goes into foreclosure, the mortgage lender repossesses the home and you are no longer able to sell it. If you’re behind on your payments and know you won’t be able to continue paying your mortgage, then you can opt to sell your home. You will first need to talk with the lender and ask them to give you time to sell. Typically, they will give you a very short window to sell your home.
Understanding Your Mortgage
Once you’ve been permitted to sell your home before the home is foreclosed on, you can begin the process of selling your home. One important thing to remember is you aren’t selling the home to keep the money from the sale. Once your home is sold, that money will go toward paying off the debts you owe and potentially the rest of your mortgage. At this stage, you need to determine the value of your home and then you have two options. If the value of your home is greater than the cost of your mortgage, you can go ahead and sell your home and use the profits to cover the cost of your mortgage. In this situation, you don’t necessarily need permission from the lender to sell.
If the value of your home is less than your mortgage, you must do a short sale. In a short sale, you can get your bank’s approval to quickly sell the home and all the money goes to paying off the mortgage. There is a possibility that the money from the sale won’t cover your mortgage and you need to get your bank or lender to agree to accept this before you sell.
Finding Buyers Fast
When you sell, you won’t have much time. Therefore, you need to sell your home quickly and you need to find buyers fast. One of your best options is looking for a cash buyer. A cash sale is much faster than a traditional home sale and you can sell in less than 30 days. Additionally, cash buyers routinely buy homes as is or homes that need to be sold quickly. You can look for individual buyers or you can find a home buying company.
Getting behind on payments doesn’t mean you are out of options. Selling your home can help you move on from a tough financial situation. To ease the situation, you need to find a buyer as quickly as possible.
A cash buyer will help you sell the home faster than a traditional sale. Click here to receive an offer on your home from Offer Hut within only 24 hours!