What happens if you can’t pay your mortgage? When it comes to mortgage payments, it’s safe to say it’s one of the most important on most homeowner’s list of bills to be paid. – Home Buyers In Chattanooga
While everything else from utility bills to property taxes is important, it’s also true that mortgage payments rank high on your list of priorities.
After all, should you fail to keep up with mortgage payments, the consequences can be monumental – and if the worst comes to the worst, you risk facing foreclosure.
Unfortunately, in some instances, mortgage payments simply can’t be made. What happens then? It’s not necessarily the case that the bank will foreclose on your property tomorrow, and there could be options to explore to remedy the situation.
Below, our real estate pros at Vol Homes explain some solutions that can help you if you were to find yourself unable to make mortgage payments.
1. Speak To Your Lender
If you’re dealing with financial troubles that you cannot solve at the moment, contacting your lender is often a wise decision. In theory, at least, the bank and other mortgage companies don’t want your home!
Instead, what they want is for you to keep paying your mortgage. So if you reach out to them and confirm that you’ll be in a position to pay at some point in the near future, they may be more than willing to offer a payment holiday.
2. Find Alternative Stream Of Income
No homeowner likes dealing with the stress of a looming foreclosure. Often, the main reason mortgage can’t be paid is that the property owner’s income stream dries up.
This could come in the form of unemployment, for example, or it could be due to a lack of other income streams. For that reason, it may well be possible to avoid foreclosure by ensuring you have another income stream even if your primary source of income is insufficient.
3. Sell Your Home
As a homeowner, the last defense you have against foreclosure is the ability to sell your property. However, this works in your favor if the equity in your home is substantial.
If your home doesn’t have a decent amount of equity, even selling your property to cash home buyers in Chattanooga company will preclude your ability to retain any value from selling your home.
Selling your home fast might involve speaking with your mortgage lender and a cash house buyer. Either way, selling your home quickly to reputable home buyers in Chattanooga company can help you stop foreclosure.
If the thought of selling your home to avoid foreclosure leads to worries, Vol Homes can help. We buy houses super fast for cash, and we could assist you in getting your property off the market.