If you are behind on your mortgage, you may be thinking about how to do to avoid the foreclosure of your Tucson home. We have some help tips that can help!
Negotiate With The Bank
When you miss several payments, your first step should be calling your lender. Discuss your available options. After all, they want to see the return on their investment. Lenders don’t gain anything when you default on your loan. Most instances you can negotiate a repayment plan to get caught up on your amount due. Before you pack your bags and bolt, call your lender, you may be surprised at how much they will do to work with you.
A short sale occurs when the lender agrees to sell the house for less than what is currently owed on it. This typically happens if a house is purchased at a high price and loses value over time. If the owner falls behind on payments, they may find themselves in a situation where more money is owed than the home is worth. Lenders often times agree to a short sale when they can recoup most of their costs, while not having to deal with the foreclosure process. When a sales amount is agreed upon with both the lender and a new buyer, the lender will consider the loan paid in full.
Sell Your House
Perhaps you just want to end the difficult situation. The house may no longer be affordable for you, and that’s okay! Situations change; whether it be a job loss, new addition, education costs, individuals moving in or out, a sickness, or anything else. There are many things that happen in life that can exacerbate your ability to pay back your loan. There is no shame in this, however, you should work on finding a solution that works!
If you decide to sell your house in the traditional manner (without negotiating a short sale with the lender), there are two main paths you can take. The first path is to put your house on the MLS with a Tucson real estate agent. The second would be to sell your house directly to a private buyer in a short amount of time without any additional costs to you.
Listing your home on the MLS may or may not be a wise option, it depends on where you stand financially. Selling your Tucson house on the MLS can take months, and if your agent isn’t working with urgency, you are likely to find yourself losing a house. It is imperative to find a buyer in time. Not to mention, you have to deal with out of pocket costs which may be difficult to pay. Especially, if you are struggling financially. If your mortgage is behind, it is likely you haven’t been able to keep up with the maintenance on the home either. For a listing to be successful, you will need to get the house into the best shape possible. Buyers are picky now days.
A direct sale is the preferred choice for most people who are facing foreclosure. Not all home buyers are the same. When you choose to sell your Tucson house to EZ Home Buyers, you can rest assured you will receive a fair price and a fast closing. We understand that difficult financial situations can happen to anyone at any time. We have all been there, there is no shame in it! Let us help you with a fast and fair sell of your Tucson house!
Original Article: https://www.easymanbuys.com/avoid-foreclosure-tucson-home/