When your mortgage is underwater, the amount you owe on the mortgage loan is more than the property’s current market value. So, of course, it’s best to ride out the changing real estate market and stay in the home for several years to allow equity to build. However, many motivating factors lead homeowners to sell, such as moving long distances to be nearer to family, a sudden job relocation, or difficulty making payments. In addition to the typical stresses of life, selling your home can be extremely stressful, expensive, and time-consuming. It may also be the largest financial transaction of your life, and naturally, you want to make the best deal possible, despite your circumstances.
Understandably, sellers feel overwhelmed when faced with a mortgage underwater; however, when you understand your choices, you can move forward and confidently make decisions. A few options are available if you’re facing difficulty making payments. If you should find yourself with a Lafayette mortgage underwater, read on as we explore what you can do about it.
Lender Options
One option for those with a mortgage underwater is to discuss the options your lender can provide, such as a loan modification, short sale, or submitting a deed in lieu of foreclosure. It’s best to enter any of these processes with your eyes wide open to the realities of what a lender will require of you. In addition, you should understand how your efforts will affect the outcome and the negative consequences, including the effect on your credit score and why you should avoid foreclosure. Lafayette Cash Home Buyers can help you understand your options and weigh the pros and cons of each course of action. At Lafayette Cash Home Buyers, we work with a policy of total transparency because we want what is best for the seller; we’re proud of our work helping Lafayette sellers deal with problems selling their houses.
Direct Sale
Or, if you have a Lafayette mortgage underwater, you could directly sell the property and avoid the hassles of negotiating with your lender, the paperwork, and jumping through hoops to meet deadlines and satisfy the lender. When you make a direct sale, you also avoid spending any cash out of pocket to prep, make repairs or pay for costly marketing expenses and real estate commissions. Lafayette Cash Home Buyers buy houses in as-is condition and take on all the risks. At Lafayette Cash Home Buyers, we never charge commissions at Lafayette Cash Home Buyers, and no hidden fees await you at closing. You won’t even pay closing costs.
A direct sale to Lafayette Cash Home Buyers is the best way to sell if you have a mortgage underwater. We make selling directly easy for sellers at Lafayette Cash Home Buyers with straightforward contracts, and an offer you’ll agree is fair. At Lafayette Cash Home Buyers, we’re your neighbors who live and work alongside you here in Lafayette, and we want you to feel good about working with us long after closing. That is why we will talk to you with no obligation and allow you to compare what you would profit from each option and decide what works best, given your current personal and financial situation. Call Lafayette Cash Home Buyers at (337) 366-0230.
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