Owning a house can have its pros and cons. It’s nice to have something you can call your own. It can be a large financial asset. The other side of the coin is that it can be a homeowner’s greatest financial liability.
The latter is something I have seen relatives go through. When aunt was recently hospitalized for a serious disease, and the hospital bill mounted so high that she and her husband had to borrow funds against their existing property’s value.
The regular payments became hard on the couple and the bank ended up foreclosing their house.
When you encounter such troubled financial situation and find the need to sell your house quickly, help can come in several ways. One of the mortgage payment methods you can go for, especially if you’re shelling out more interest than principal each month, is to pay off your mortgage early.
Turn the negative equity into a positive one. The goal is to be able to eventually move out of the house if you need to downsize or urgently need to use funds to finance something like a grandchild’s college education or get on with your life plans like start a business, or have at hand emergency funds for a medical illness.
With an annual salary bonus, you can make a lump sum mortgage payment and live the comfortable yet modest life you’ve always envisioned or you can refinance. Examine offers of various lenders, paying close attention to interest rates and closing costs.
If you’re a desperate home seller, you may get all frantic and settle for the first option that presents itself to sell your house right as fast as possible. By not carefully examining a cash-out option, you may not be prepared for the worst-case scenario in taking out a new loan.
You can assess things better by talking to a mortgage counselor and exploring a number of programs to sell your house fast.
The mortgage counselor’s main task is to assist homeowners who have fallen behind on mortgage payments and need to get their lives back on track.
Doing things on your own to hold the mortgage & sell your house fast may not work as fast as you need things to go. The traditional approach of listing and selling your house, especially when the real estate market is at a standstill, may not cut it.
On the other hand, you can check how others did it and read about tips through online materials like the e-course on “How To Sell Your Home In 21 Days or Less.” The home selling program on the internet is worth checking out.
It may turn out to be a strategic step to stay afloat when on the verge of foreclosure and bankruptcy.
Are you going to sell to a bank at a good price?