Here’s What to Do if You Can’t Pay Your Mortgage

Today, more Americans are finding it challenging to keep up with their mortgage payments. While there are options available to extend the mortgage or defer payments, these forms of financial relief are rarely long enough and often come at a high price. 

If you are having trouble making your mortgage payment each month and are already several months behind, you may be looking to sell your house to avoid destroying your credit. What are your options for getting out of the mortgage? Which one makes the most sense financially? Let’s take a closer look at what to do if you can’t pay your mortgage and need to sell your house fast in Northern Indiana.

What Options Are Available for Getting Out of Your Mortgage?

Surprisingly, there are several things you can do to get out of your mortgage. However, many of them come at a substantial financial cost.

Sell Your House

The most obvious and least detrimental option is to sell your house on the market as fast as possible. Keep in mind that a traditional sale typically takes 60 to 90 days. Plus, you’ll need to add in time for repairs, listing, finding a realtor, and closing. You may not have that kind of time. However, the bank may work with you to see that you are trying to sell the house.

Foreclosure

Foreclosure never looks good on paper. It can also do severe damage to your credit, making it nearly impossible to finance another house any time soon. However, sometimes you just need to let the house go and walk away. The bank will repossess the house, but you don’t have to worry about your mortgage. 

Short Sale

You may have recently noticed that the value of your house is lower than the balance on your mortgage. This is known as an upside-down mortgage. It may be time to sell the house because it’s no longer worth owning the property. You can find a buyer who will buy it at a lower price so that the lender can recover some or all of the mortgage.

Deference or Forbearance

If you are determined to keep the house but see no end in sight with late payments, you may choose a deferment or forbearance plan. These types of options give you a small break to allow you to reset financially before taking on your mortgage again. However, you may trade short-term payment relief for double payments or higher interest down the road.

Contact HouseMart to Sell Your House

You don’t have to wait to unload your property. If you need to sell your house fast in Northern Indiana, contact HouseMart. We can look at your property, make an offer, and close in as little as seven days. We are local home buyers in Northern Indiana. To schedule a walkthrough of your house, call 219-230-8735 and get a fair cash offer.

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