What To Do When You Can Pay Your Mortgage

What To Do When You Can Pay Your Mortgage

There are few feelings worse than the fear of knowing that you can’t afford to make your next mortgage payment. Not only are you worried about where you will live if you lose your home but you are also worried about ruining your credit and the embarrassment for your financial failure. But what s important to remember is that this issue occurs all across the country as over half a million families lose their homes each year. There is no shame in financial troubles and you should never feel that you have not options.

Foreclosure

Each state has different laws regarding failure to pay your mortgage, but in the end, the result is always the same. You miss a few mortgage payments and the bank sends you a notice of delinquency. If you do not make the payments or at least contact the bank, then the next step is foreclosure as the bank files a Notice of Default and you are forced to leave your home.

Short Sale

In the case of a short sale, you work with a real estate agent and the mortgage company to sell your home to a third party but for less than is owed on your mortgage. In this case, you have agreed to sell but the bank is the one who gets to decide if the amount of the sale is enough to be accepted. And in some cases, you will still be required to pay the mortgage company the remaining balance of your mortgage. It is also important to note that short sales and foreclosures are going to drop your credit score substantially and also make it almost impossible for you to secure a mortgage for the next five to seven years.

A Win-Win Situation

If you are unable to pay your mortgage then the last thing that you need is additional credit issues such as a short sale or a foreclosure. The best solution for you is to work with a reputable homebuyer such as Higher Offer. In just days you can eliminate the worry and stress of your mortgage. Higher Offer will make you a fair cash offer for your home so that you can pay off what you owe without ruining your credit or your financial future. In many cases, if you have equity in your home, you will be able to pay off your mortgage and still have a small nest egg left to move into a new home and work to recover from your financial challenges. Don’t risk ruining your credit. Contact Higher Offer today to learn about a cash offer to buy your home in just days.

 

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