Getting Out Of A Mortgage You Can’t Pay
There are many reasons that you could be struggling to pay your mortgage, but the end result is that you need to find a way to get out of it and end your stress. The worry and anxiety created when you try month after month to find a way to pay your mortgage can lead to serious health issues and even worse. But knowing your options can help you to create a plan that will best suit your needs and relieve your stress.
When you stop paying your mortgage, the lender will send you a notice of delinquency which will explain your options for getting caught up on your payments. If you don’t respond to this notice and begin to work out a deal with the lender, then the lender will begin the foreclosure process. You will be sent a Notice of Default. The technical side of the foreclosure process can take many months or even years in some cases. If you decide to remain in the property during the process, you will be asked to leave by the sheriff when the foreclosure is completed. In the end, you have lost the property and your credit has taken a huge hit as well.
A short sale is when both you and your lender agree to accept an offer to buy your home for less than you owe on the mortgage. This process will also degrade your credit, and the lender can also require that you continue to make payments on the unpaid portion of your loan. A short sale is not as bad a hit to your credit as a foreclosure, but both are very serious and should be carefully considered before beginning the process.
A Better Option
Most homeowners will try for months to scrape up the money for mortgage payments before realizing that they are in over their head. But when that occurs, there is a fast and simple option which will help you to get out of your mortgage without ruining your credit. Selling your home to Higher Offer, a real estate investment firm, is a sure way to end your struggle with an unmanageable mortgage payment. Contact Higher offer to request a quote and learn how quickly you can sell your home for cash and end the stress and worry of a large mortgage payment. Not only will you be on the road to financial recovery but you will not cause further damage to your credit score.