There is nothing worse than the feeling you get when your mortgage payment is due, and you can’t pay. If you don’t pay your mortgage, you risk foreclosure on your home. It happens to many more people than you’d think. Even though you may be scared to death about what can happen, there are things you can do to stop foreclosure.
Before you panic, you need to decide what you want to do. The path you take depends on whether you want to stay in the home or move. With that in mind, here are three ways to get out of paying a mortgage if you can’t pay:
Talk to Your Lender
First and foremost, your lender is there to help you, especially if you want to stay in your home. He or she doesn’t want you to lose your house any more than you do and is willing to provide options as they relate to the mortgage. Most of the time, not being able to make a mortgage payment is the result of a temporary problem in your life like the loss of a job or an illness. There may be options available to help you keep your home such as forbearance, a loan modification, or a repayment plan to catch up on past due payments. Set up a meeting with your lender first so they can give you all the options available to you.
Rent Your House
If you are able, another option is to rent your house. While you technically are not “getting out of paying your mortgage,” you can possibly cover your monthly payments with rental payments. When looking at this option, you also need to consider the fact that, as a landlord, you are responsible for any repairs and must pay the taxes and insurance on the property itself. Renting out your home is a good option if you do not have the means to refinance or move.
Sell Your House for Cash
While it’s probably the last thing you want to do, you might want to sell your house. If it has become too much to maintain or you have found yourself in a situation where you can’t pay for it, this is often the best option. It offers two results: you no longer have that huge mortgage to pay, and you can downsize to something more affordable – all without hurting your credit. To expedite the sales process, you can sell your home fast to investors who buy houses for cash. This alleviates the headache of the traditional process of selling a home – listing, showing, inspections, and more. At New Again Houses, we buy houses for a fair cash offer. We’d love to help you find freedom from your old home.
Don’t Wait too Long to make your choice!
Some home owners who cannot make their mortgage payments simply ignore the issue at hand and end up losing their homes. This has a lasting effect particularly if a home goes into foreclosure. Be smart — don’t wait; handle the issue before it becomes a big problem. These three ways to get out of paying a mortgage help ensure you can easily get back on your feet once your circumstances improve.
It is important to talk to mortgage professionals before you make your choice. They are the experts in their industry and can provide you with the information you need to make an informed decision.
We can help you if you are unable to make your mortgage payments and you’re in danger of losing your house. We buy houses for cash and close fast so you can get on with your life. If you’re interested in learning more about what our team can do for your home, contact New Again Houses.