Are you behind in your mortgage payments? Not sure what to do?
In many cases, people fall behind on their mortgage payments due to unforeseen financial hardships. It is important to remember you are not alone and to take action as quickly as possible to prevent foreclosure proceedings. Banks want to work with homeowners, so contacting them is extremely important during your hardship so you can get back on track.
There are three key actions you should consider taking right away. Let’s discuss them so you can choose the right option for yourself and your family.
Rent Out Your Home
If you are able to find accommodations that are less costly than your current home in Massachusetts, then renting your home out may be an option. Depending on the condition of your home, you could collect rent each month that covers your current home costs. Of course, you need to leave yourself some liberties of being able to afford your new accommodations all while keeping in mind you will still be responsible for any maintenance on your home that you are renting out to someone else. This can be a successful solution if all factors line up, but time will be of the essence. You may have to give up your comforts and the stress of finding the right renter may be cumbersome, so you will want to consider these cons while weighing out your options.
Contact Your Lender
Time is of the essence when you fall upon a hardship that prevents you from paying your monthly mortgage payment. Be sure to make it clear to your lender that you are willing to dedicate the resources and time needed to work with them and get back to on-time payments. By making that first step, your lender will provide you with your different options to assist in obtaining goog status with them. For example, a refinance with your lender may be an option to lower your interest rate resulting in lower monthly payment terms that are more affordable for your situation in Massachusetts. Another option your lender can offer is a short sale. This would mean you ultimately have to sell your property, but if the market is not doing well, it assists in selling your home for below what you owe to your mortgage lender. A lender, in a short sale process, is willing to take less than what you owe in these cases. But, a quick note to consider, is the possibility the lender will file a deficiency judgment against you for the difference in what you owe and what is actually paid off. Also, please keep in mind, this can negatively affect your credit score.
Sell Your Home
In the end, one of the best options may be to sell your home in Massachusetts to free yourself from the financial burden you are experiencing. You could try to sell your home for sale by owner or contact a real estate agent to list your home. Again, time is of the essence as the lender may be seeking foreclosure. Selling your home can get expensive with closing fees, real estate commissions, taxes and so on. It is important for you to consider these costs if you are looking into selling your home. Once on the market, it could take some time for the right buyer to come along and that buyer’s financing can also add a lengthy amount of time within the process. Along with the timeline importance, communication will be key during this process as well. It is essential if you decide to go with a real estate agent to let them know your status on your mortgage payments and you have a pending foreclosure creating the need for an expedited process. In the meantime, keep in touch with your lender so they know you are working diligently to sell the home. Between your real estate agent and good contact with the lender, selling your home can be the ultimate solution. Since time is so important in this situation, selling your home directly to a cash buyer or investor is a great way to alleviate the stress of what could be a long process through a traditional sale. By communication with your real estate agent, they may have some tips or even know an investor that could offer you a fair cash closing with a fast turnaround.
Sell For Cash Fast
If you are ready to take the step to eliminate the lengthy timeline these solutions can take along the way, then selling your Massachusetts home direct to us is the way to go. We buy homes in Massachusetts in all sorts of conditions and we provide fair cash offers in as little as twenty-four hours of viewing your home. Alleviating the stress from financial hardships is just around the corner when you work with one of our professional associates.