Tips to Get out of a Home Mortgage
How to Get out of a Home Mortgage & Avoid Foreclosure
A home mortgage is a long term agreement between yourself and the lender that is very hard, but not impossible, to get out of. There are many reasons a person would find themselves in this type of situation, from struggling to make payments due to loss of income or the need to quickly relocate because of a new job or family emergency. You have options that allow you to get out of your home mortgage agreement without ruining your good credit. GrassRoots Financial, a Philadelphia real estate investment company, highlights 5 ways homeowners can get quickly out of their mortgage agreement.
5 Ways to Get out of your Home Mortgage
Short Sale: Not the best option in terms of keeping your credit intact, but a viable one that works for many homeowners. In a short sale, you will ask the bank to accept less than the balance of the loan. Keep in mind, the bank may hold you responsible for the difference between the mortgage value and the sale price.
Real Estate Agent: Simply sell the house and take what you can get for it, even if it is less than what you currently owe on your loan. If you’re struggling financially or you need to relocate quickly, this option may not work for your situation. The process can take up to 90 days and you are responsible for closing costs and paying a 6% commission to the agent. See a side by side comparison of a real estate sale vs. a GrassRoots Financial sale.
Deed in Lieu: In this instance, the homeowners will voluntarily sign the deed of the home back over to the bank and the lender will sell the property to recover a portion of the unpaid home mortgage balance. As in a short sale, if you want to keep your credit in good standing this is not the best option as it has the same impact as a foreclosure.
Rent the House: Homeowners with the option to temporarily move out of their home and live with a relative should consider renting it for some time. This allows you to use the added income to catch up on the mortgage or pay down other debt that is negatively impacting your finances. Be sure to do your due diligence with your insurance company and accountant.
Sell to Cash for Homes Buyer: Cash for Homes buyers offer homeowners a legitimate way to get out of their home mortgage and move on with their lives. At GrassRoots Financial we help struggling Philadelphia homeowners get the financial relief they deserve. We’ll offer you a fair, all-cash offer for your house in any condition: no real estate fees or renovation costs. Cash offers available within 24 hours and you chose the closing date.
Cash for Homes in Philadelphia
If you currently have a home mortgage payment that you need to get out of, call GrassRoots Financial today. No matter the reason or your financial situation, we’re here to help. Call 215-728-9944 to get the process started today.