Are you behind on your mortgage? This can be a very stressful time for you and your family, both emotionally and financially. Understand that you are not alone. There are a great number of families finding themselves in this predicament. Read on to learn how to sell your Louisville house even if you are behind on your mortgage.
We also recommend checking out our Foreclosure Survival Guide.
If you are currently behind on your mortgage, do not delay taking action. Especially if your lender has started communicating that foreclosure is on the horizon. At this point, selling your home may be the best option. Talk to your lender and let them know the steps you are taking to resolve the missed payments. Keeping open lines of communication is important so you avoid making errors as you take actions to resolve your problems. Failure to act can lead to a complicated foreclosure process. Do not fool yourself by believing that a foreclosure means you will be free of your financial obligations to the lender. In many cases, there are deficiency judgments, where the lender is still legally owed any remaining debt on your mortgage note after the lender receives the foreclosure sale proceeds.
Selling on Your Own
Undertaking the task of selling your Louisville house if you are behind on your mortgage may appear to be a money-saving solution. But there is a tremendous amount of paperwork and multiple timelines for paperwork submissions involved in selling a piece of Real Estate. Another difficult problem can be pricing your home without adding unrealistic value based on your emotional attachment to the property. Also, you need to prepare for a financial outlay of up to thousands of dollars to get your ready home to be put on the market.
Real Estate Agent
Listing with a real estate agent is another way to sell your Louisville house even if you can’t pay your mortgage. Unless your property is in mint condition, repairs, renovations, and upgrades may be required. Real estate agents include a staging strategy at your expense as a part of the overall marketing and advertising budget. In addition to these expenses, you will also be paying commissions and closing costs. When already struggling to stay afloat, their demands may sink you financially before your home ever sells. Remember, in traditional listings, you have no guarantee of if or even when your home will sell.
When you are considering selling your Louisville house if you are behind on your mortgage, selling directly may be your best option. It is important to consider the advantages of working with a direct buyer, especially when you have debt looming over your head and you get nearer to the deadline of foreclosure every day. You can be ahead of the lender and the foreclosure process by selling directly before it is too late. When you sell directly, there are no interruptions in your life from showings. You do not have the pressure to keep everything spotless at all times. You will not be faced with working with inexperienced buyers who are at risk of backing out and failing to close. You will also not have to worry about covering the expenses of listing a home and you will not need to pay real estate commissions and closing costs.
The best way to sell your Louisville house is to work withFairSquare House Buyers, even if you are behind on your mortgage! Unlike traditional listings, you will have a guaranteed sale, a quick closing date you can rely on to avoid foreclosure. To learn more, send us a message or call 502-417-7467 at any time!