Life happens when you least expect it. Sometimes that affects your financial situation making things like paying your monthly mortgage difficult. If you have fallen into this situation, know that you are not alone.
In a 2021 report, the Consumer Financial Protection Bureau (CFPB) found that 2.1 million families are three months behind on their mortgage payments. If you and your family are in this situation, know that you have several options. One option is selling your home to avoid foreclosure. Before searching “sell my house fast in Omaha,” our team has outlined some ways to sell your home to avoid foreclosure.
What is foreclosure?
Foreclosure occurs when the borrower of a loan can no longer pay their mortgage payments, and the lender takes ownership of the property. It is important to note that foreclosure also occurs when the homeowner does not pay property taxes or homeowner association fees.
Why should homeowners try to avoid foreclosures?
Many homeowners make foreclosure their last resort when they can no longer afford to pay their mortgage payments. Going through a foreclosure is not an easy process for you, your family or your credit. Here are some consequences of a foreclosure:
Damages your credit
Lose your house and any equity built
Causes stress and uncertainty
Lose the ability to get a Fannie Mae mortgage for at least seven years
How to avoid foreclosure
One way that homeowners may avoid foreclosure is by selling their houses. Homeowners are able to sell their property and use that money to pay off their mortgage. The one thing is that the current market value of your home will affect your ability to sell your home to avoid a foreclosure.
Three ways to sell my house fast before foreclosure
List your home
If your home’s value is equal or greater to what you own in your mortgage, you can list your home on the market. You can list it by yourself or through a real estate agent and use that profit to pay your mortgage. However, you should consider that you will need to pay fees like the real estate agent’s commission and closing costs. This could end up costing you more than you can afford.
What happens if your home’s value is less than the mortgage you owe? Then, you would have to talk to your lender/bank about making a short sale. This kind of sale is when a homeowner sold their property for less than what they owe only after the lender/bank agreed to the offer. In order to make a short sale, a bank must agree, and the homeowner is required to do and show paperwork that they are in financial distress.
Selling your home for cash
One of the best ways to sell my house fast before foreclosure is by selling it for cash. The process of selling your home for cash is easy and straightforward. You can sell your home for cash to a company that buys houses, like Best Price Homebuyers. They will simply ask to see your home, give you a cash offer and once the offer is accepted - they will take care of the closing process with zero charges.
Need to sell my house fast in Omaha?
Contact Best Price Homebuyers. Our team will help you sell your home fast for cash without any judgment. Request your cash offer here!