What To Do When You Are Upside Down On Your Mortgage

Sell-your-home-fastWhen you find yourself upside down on your mortgage, one option is to sell your home fast. With a looming foreclosure, it is understandable to want to find a way to get free of your property as quickly as possible so you can move on with life and get back on your feet.

One option might be to allow the bank to foreclose and take your property, but this is not usually the option of choice for people. Foreclosure would result in damage to your credit and impact your life for years to come.

You could potentially ask your lender for a mortgage modification. This means the terms of the loan would be altered, possibly with your mortgage lender agreeing to a reduction in principal and for the rate and payment to be decreased. This would enable you to sell your home without covering a loss.

An experienced realtor can help you sell your home fast so that you find a less expensive place to live. When people find themselves upside down on their mortgage, they will sometimes take out their frustration on the home and stop caring for the property. This often makes the property less appealing to any prospective buyers. While you may be frustrated, the best thing to do is to find a way to sell your home fast, and this means caring for the property until it has been sold.

Cut the grass. Clean up. Clear out any clutter from the home. Do your best to make the home look attractive to prospective buyers. The sooner your home is sold, the sooner you can start to repair the financial damage that has occurred. Being upside down on your mortgage means you must make some changes in the big picture and find ways to live less expensively.

Another option, but not always a “sell your home fast” option, is a short sale. With a short sale, it means that you will be allowed to sell your home for less than the amount that is owed on the mortgage. In order to do a short sale, you require your mortgage lender’s approval and the entire process could take some time — often a year or longer. If a short sale sounds like it is an option for you, find a short-sale-certified realtor to help guide you through the lengthy process.

Another not a “sell your home fast” option is a deed-in-lieu which can be negotiated directly with your mortgage lender. This is an option that allows you to sign over the ownership of your home to the lender, avoiding foreclosure. Like the short sale option, if approved, this can be a lengthy process.

If you are able to remain in your home a little longer, sometimes your best option is to sell your home fast. Find a reliable, experienced realtor, explain your situation, and sell your home. The sooner you can walk away from your sold property, the sooner you can start rebuilding your life.


 

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