Whatever your situation remember there is always help beyond selling your home. Here are a few tips and places to start to save your home, save your credit, and possibly save your equity.
Homeowners are you tired of getting call after call from ABC bank's collection department reminding you you're late on mortgage?
You 're drowning in what seems like a never ending sea of bills, it's not your first notice and you fear it won't be your last. I am here to say don't beat yourself up over your situation you are not alone. Many others have fought and were able to save their home. You also may be getting boatloads of letters and phone calls from shark investors offering to buy your home. While that may be a solution did you know that there is help beyond selling your home?
After all when you purchased your home you never imagined this would be happening. Home ownership was your American Dream and you should fight to keep the dream alive. Maybe you are a victim to the mortgage crisis, your Adjustable Rate Mortgage just reset, you lost your job, lost a love one, are facing a divorce, a disability, or simply for whatever reason can no longer afford your mortgage.
Whatever your situation remember there is always help. Here are a few tips and places to start to begin taking care of your problem. You may realize that doing nothing will not make the problem disappear, doing nothing just makes things worse.
The first step is to contact your lender directly to see what your options are they may be able to do one of the following:
1. Temporarily reduce or waive payments.
2. Set up a short-term repayment plan to help you make up the deficit.
3. Add the unpaid balance to the principal of your loan and increase your payments slightly to cover the extra amount.
Working with your lender requires effort on you part and you must act quickly to get your debts resolved to save your home. You must provide them with all of your personal financial information. This will help the bank to prove your inability to pay and or continue paying your mortgage, so be prepared.
Also if you have a mortgage insured by the Federal Housing Agency (FHA), you may qualify for an interest-free (and payment-free) loan to get your mortgage current. The money doesn't need to be paid back until you pay off the mortgage or sell the house.
If a loan modification or refinance can't be worked out, and your only option comes down to having to quickly sell your home.
When selling you may have enough equity in your home allowing you to pay off your mortgage in full, after deducting any real estate agent commissions you may still have some cash left over. And that's only if you have enough time left to wait for your home to sell through the conventional method using a Real Estate Agent. This method usually can yield slightly higher profits however, if time is of the essence and you must sell quickly then consider selling to a local Real Estate Investor. It may be hard to swallow because investors typically buy property at a discount.
However, if you must cut your losses and sell quick then this can be your best option. It is notable to state that some investors buy property quickly and usually at around the same price you would pay with a with a Real Estate Agent.
Real Estate investors offer the ability to cut their losses and sell quick and you'll be able to protect credit score from a foreclosure and keep some of your equity in the form of cash. This will place you in a much better position than having the bank foreclose. Avoiding foreclosure also protects you should you want to purchase another home in the future.
Also avoid those counselors or investors who want you to sell your home by leasing your home and have you rent it back. And when selling your home never ever sign documents you do not understand.
Whatever your home ownership problem just know there is a solution to saving your home beyond selling it.
Check out HUD's Guide To Avoiding Foreclosure for more tips on how to save your home hud.gov/foreclosure/index.cfm hud.gov/foreclosure/index.cfm
And if you have come to the conclusion selling is your only option get an offer for your home at SellMyHomeQuick.biz SellMyHomeQuick.biz
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