8 Ways to Get Out From Under a Mortgage

Is your mortgage taking a toll on your financial wellness? If so, you’re not alone. According to a recent study, at least 52% of Americans have to make at least one major sacrifice to cover their mortgage payment. This stress leads many to feel they’re one paycheck away from losing their home. While foreclosure is a worst-case-scenario for most homeowners, that doesn’t mean you still can’t get out from under your mortgage. 

The most important thing to do is simply to act now. If your mortgage is underwater, you need to start swimming today. Many people are able to turn their finances around, save their homes, and avoid bankruptcy. Reclaim your financial wellness with these 8 ways below.

 

 

1. Walk Away

While it might seem like walking away is the last thing you want to do, some homeowners feel they’re left with no other option. This is usually the case when the home has negative equity, or the market value of the property falls below the mortgage amount. Many homeowners chose to walk away from their homes during the mortgage crisis of 2008. 

The technical term for this in the mortgage world is a strategic default, and it usually involves informing your lender you wish to abandon the property. In most cases, they’ll direct you to one of the methods below. 

 

2. Deed in Lieu of Foreclosure

To deed your property in lieu of foreclosure means to deed your property to your lender. In this case, you’re usually forgiven for the entire amount of the mortgage. The lender then recoups some of this payment by selling the property. 

However, you need to prove an extreme circumstance for this to be approved, and many lenders are unwilling to proceed with this method. You stand a better chance of a deed in lieu of foreclosure if you’re in a government-insured loan. If not, keep reading for alternative ways out from under your mortgage. 

 

3. Foreclosure

Most lenders will default to foreclosure if you are unable to settle on a repayment option. This process is time-consuming and can take months. Luckily, that leaves you time to work with your lender on a compromise to avoid losing your home. If you proceed with the foreclosure, you’ll be forced to leave your home after a court judgment. 

 

4. Short Sale

One possible compromise in the case of foreclosure is a short sale. This is when the homeowner asks their lender to accept less than the loan’s balance through the sale of the property. This gives you as the homeowner more control over your home, and it can be an effective way to escape an underwater mortgage. 

 

5. Sell Your Home

Outside of a short sale, you still have options to sell your home. You’ve likely seen advertisements for companies that exist to fix up homes and resell them. There are legitimate companies that do this, and it can be a quick way to avoid negative equity. 

While you’ll get paid a discounted amount for the home, you won’t have to worry about the cost of selling it yourself. Additionally, these companies work quickly so you can beat a foreclosure and liquify your assets without the wait. 

 

6. Rent Your Home

If you’re unwilling to sell your home, you can still make back some of your money to put towards a mortgage if you’re able to rent it out. If you have the ability to live elsewhere such as with family, this can be an excellent way to recoup lost funds. This is particularly effective if you live in an area with high rental demand. Before renting your property, always talk with your insurance company about coverage and look into state landlord requirements. 

 

7. Settle with Your Lender

Finally, it might not be in your best interest to get out from under your mortgage. Remember, your lender wants to get paid. They’re often willing to work with you on a solution that keeps you in your home. Your first line of defense if you’re facing negative equity or an underwater mortgage is to talk to your provider. They likely have a protocol and assistance programs for those struggling to make payments. 

These 7 ways to get out from under your mortgage help you gain control of your finances. Nobody wants to lose their home. Yet, sometimes it’s best to lose your home on your own terms to protect your credit and get a fresh start. If you find yourself in this situation, you have options. When in doubt, speak to an expert real estate attorney or financial advisor. Just make sure you think them through carefully before taking action. 

 

8. Call Us at National Cash Offer

Another option you have is to call us here at National Cash Offer and we can give you an offer within minutes. We can help you sell your home if you are under a mortgage or in a tight spot. We buy any house in ANY condition and you can sell your home with us. Just fill out a form on our website at NationalCashOffer.com or call us at: (877) 990-7774

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Best Tips for Selling A Home Out of State

Selling a home can be difficult enough as is, and it can be much more difficult when trying to sell a home from out of state. Whether you have had to relocate on short notice due to a job or you are in the process of settling a relative’s estate, selling a home from out of state can be very intimidating.

Fortunately, there are a few ways that you can make this process much easier and less stressful. Consider utilizing these tips to make this experience go as smoothly an quickly as possible.

 

 

Make Repairs

First and foremost, selling your home quickly and for the highest price possible is going to be much easier if you’ve already made all necessary repairs. While this can be expensive, it is likely to net you more money in the long run as you will be able to sell your home for a much higher price.

Making your home ready for the buyer to move-in immediately is one of the easiest ways that you can achieve the highest sale price possible.

 

Clean Up

Next, you need to remove any clutter and belongings from the home that you’re selling. This applies primarily to situations in which you might be selling the home of a deceased relative. Making your home move-in includes ensuring that the home is clear of any and all belongings. The less that a potential buyer has to deal with after purchasing your home makes a purchase much more likely to happen at the price that you’re looking to get.

 

Take Professional Photos

After you have made all necessary repairs and removed any clutter, it is important that you take a few flattering pictures of the primary areas in your home. Hiring a professional photographer is a perfect way to portray the appeal of your home to any potential buyers.

Nowadays, many house-hunters begin the buying process on the internet. As a result, it is important that you take a few professional pictures in order to get them to seriously consider purchasing your home.

 

Choose the Right Realtor

In most cases selling your home at your desired price and in a timely manner is mostly dependent on choosing the right realtor. Since you are selling a home out of state, choosing the right realtor is an even greater factor than normal. You will have to depend on your realtor to interact with potential buyers, oversee repairs, and stage the home for showing.

You should take recommendations from friends and family, read reviews, and interview with several realtors to ensure that you can trust the person that you choose. Trusting a professional realtor to sell your home is the most important factor in avoiding any unnecessary costs and selling your home as quickly as possible.

 

Get a Cash Offer

Lastly, in many cases, you will find that you don’t have the time or money to complete all of the above steps. If you are not able to complete the above steps or don’t have any experience with selling a home, you might not be able to successfully sell your home quickly or for the highest price possible. 

At National Cash Offer, we will pay for your home in cash. All you have to do contact us, and we will conduct a valuation of your property to determine a fair cash offer for you to review. There are no commission fees, closing costs, repair fees, or commission fees. Our cash home buying service allows you to sell your home from out of state quickly and at a reasonable price.

Selling a home from out of state can be an incredible hassle. Taking advantage of these tips can help you complete this process as quickly and efficiently as possible.

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Things to Consider When Moving to a New City in a New Home

If you are thinking about moving to another city or even a new state, there are many things to consider. Maybe you were just offered a new job at a new city, or you are just looking to move to another environment that is more vibrant for a new pace. Whichever the reason is, moving can be quite stressful and there are some very important things to think about before packing your things and leaving. Although there are new activities, new restaurants, new parks, and more to keep you excited for your new venture there isstill some things you should be cautious of before leaving. We’ve written some new things that you may need to know about your new hometown or even state that you will be living in below:

 

Do Your Research Before Buying or Renting a Home

The environment where your home is makes your living situation all that much more expensive or cheap. Due to this, make sure you do your research on the city and home you are moving to before committing. One great tip to do this is to check Google Maps, GPS, or any other location apps before moving and the crime rates in that area or city. Also think hard and long about the negatives and positives of that new city or new home.

If you have children and they are going to a nearby school, you may want to look at homes that are much closer so you won’t have to drive so far. Another thing to consideris, think about the grocery stores, department stores or even places you like to shop, are they nearby as well? Think about the ones that you can live without or not for you and your family.

 

Research the Local Shops and Events

The local events and shops will also help you with your final decision. As I said above, this will help you with big attractions or even new places to shop for everyday things that will influence you. If there is a new coffee shop or grocery store, that will impact your drive and what you are spending on products and gas. This will impact your cost and the products that you are searching for.

 

Research the Costs of Your New City

This is a crucial one! The big cities and towns come at a larger price. Make sure you know your costs and what you will spending before you make your final decision. It is always smart to calculate your expenses before you move to your new city or town. Planning your financial needs and costs is imperative and will help you when you experience a random occurrence where you may need to dig into your savings.

If you are looking to sell your current house in the city you now live in before you buy in another location and city, we can help you! National Cash Offer is here to help you if you are looking to move fast and quick! If you have no time to put your current house on the market, we can help you sell your house. Just go to our website or call us and we can give you cash offer within minutes!

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How to Avoid Repossession or Foreclosure of Your Home

In a perfect world, your mortgage would always be paid on time. Unfortunately, things happen. Sometimes we find ourselves in unexpected situations that leave you facing a home repossession or foreclosure. Last year in the U.S., the home foreclosure rate was 0.51% which is the lowest the rate had been in years. While the number of people that receive foreclosure notices is much higher, many are able to stop these proceedings in their tracks. 

The first thing to remember if you find yourself with this scary reality is that you have options. Remember, your bank doesn’t want to repossess your home. They want this issue resolved, and that means they’re likely willing to work with you to find a solution. 

 

If your home is in danger of being repossessed or foreclosed, don’t delay. The earlier you begin taking action, the more options you’ll have to avoid losing your home. Is your home in jeopardy? If so, follow these steps to learn how to avoid an extreme outcome. 

 

1. Contact Your Mortgage Lender

This step is easily the most intimidating. If you’re finding yourself in a position where your home is at risk of repossession, odds are you’ve been avoiding the calls and letters for a while now. It’s scary to face problems like debt head-on, but remind yourself that your bank wants to work with you. 

Think about it this way: the bank wants to get paid. Repossessing a home is a hassle, and they’d much rather come to a solution that works for both parties. Your first step should be to contact your lender as soon as you realize you’re struggling. If you find yourself falling behind on payments, it’s time to call. Lenders have options to help borrowers through these difficult times, and they might be able to find a repayment plan that works for you. 

 

2. Foreclosure Alternatives

To prevent a foreclosure which wreaks havoc on your credit, look into alternatives approved by your lender. From government programs to a short sale, you don’t have to accept your home repossession at face value. Here are a few options that might work in your situation:

• Making Home Affordable – This federal program offers both an option for a loan modification and for refinancing through your lender. 
• Principal Reduction Alternative – If your home is now worth less than when you purchased, you may qualify for this federal program. It’s designed to help homeowners reduce the amount they owe on their home. 
• Short Sale – A short sale is when the lender allows the homeowner to sell their home for less than the amount owed on the mortgage. This is an effective way to avoid foreclosure. In most cases, the lender will turn the home around and sell it through an auction after the foreclosure process anyway, so they’re amenable to this solution. 

For all of these options above, you’ll want to speak to your lender. They will review your unique options and how to proceed if you wish to continue with a federal assistance program or a short sale. 

 

3. Bankruptcy

Bankruptcy might seem extreme, but it halts a foreclosure dead in its tracks. When you file a bankruptcy petition, you are free from debt collectors including your mortgage lenders. As soon as your lender is aware you’ve filed for bankruptcy, the repossession process is frozen. 

While this doesn’t let you off the hook for your debts, including your mortgage, it allows you more time to recover your finances. Under the law, your mortgage lender and any other creditors need to work with you in good faith to create a payment plan that works for your situation. Before filing for bankruptcy, speak with an experienced attorney to learn how the process would apply to your situation. 

 

If you find yourself facing a home repossession or foreclosure, don’t panic. The majority of homes that receive this notice don’t actually get foreclosed upon. The best way to avoid this extreme outcome is to work with your mortgage lender as soon as you find yourself struggling financially. From there, you’ll want to look into assistance options. Ultimately, you need to stay persistent. Don’t take a foreclosure notice as a death sentence. You still have options until the case is officially closed. 

 

If none of these options work or if you do not want to go down any of these routes, consider calling us or going to our website at: NationalCashOffer.com to receive a no-obligation FREE cash offer. We can give you an offer within minutes and help you with your house that is being foreclosed! You can skip any of the hassle above and we can help you sell your home.

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Home Foreclosure: How Does it Work?

 

The world of home foreclosure can be confusing to those new to real estate. Buying a foreclosure is a great way to find a good deal, especially in competitive markets. Home prices are expected to rise 4.3% next year and 3.6% in 2020 which is twice as fast as the speed of inflation.

Because of this competition, a lot of buyers are interested in foreclosed properties, but it’s not as simple as it seems at first glance. Foreclosed homes belong to the bank, and before this, they belonged to a homeowner who left the home either voluntarily or involuntarily. There are a lot of aspects to foreclosure to consider, from why the seller lost their home to the auction process.

 

What Causes Foreclosure?

 

The first thing to understand is just how the seller went into foreclosure in the first place. Foreclosure is what happens when a homeowner no longer pays their mortgage. It’s a legal process in which the owner forfeits their rights to their property to the bank.

When people think of foreclosure today, they likely picture the market crash of 2008. During this time, many homeowners walked away from their homes simply because the value dipped so low. Today, however, homes go into foreclosure for a number of reasons:

 

• Excessive debt and growing bills
• Divorce or break-up with co-owner
• Expensive maintenance problems
• Job loss or relocation
• Inability to keep working

 

While we refer to the owner of the home as the “homeowner,” it’s important to realize that this term is misleading. Because the homeowner has a mortgage, they’re actually a “borrower.” Most mortgages are considered “secured” loans, and that means the lender can recover a portion of the debt by seizing the property and reselling it.

 

Foreclosure Process

 

The foreclosure process is lengthier than most buyers think. After the borrower fails to make timely payments on their mortgage for 3-6 months, they’re given public notice. This is technically called a Notice of Default (NOD) in many states. This notice lets the borrower know they’re in danger of losing their rights to the property.

After the NOD from the lender, the borrower enters a period called pre-foreclosure. This can last up to 120 days, and this is when the borrower will attempt to find an arrangement with the lender. They might choose to pay the amount owed or opt for a short sale. A short sale is the sale of a home for an amount that is less than the unpaid mortgage.

 

Many home investors actually prefer to purchase homes during the short sale before the foreclosure proceedings are final. However, if there’s no agreement reached between the lender and the borrower, the foreclosure continues into an auction. A foreclosure auction is also known as a Trustee Sale, and the home is auctioned off to the highest bidder for a cash payment.

 

It’s important to note that besides needing to purchase auctioned properties in cash, buyers also must purchase them “as is.” This means there are no inspections allowed before making an offer. Because there’s no way to assess the property, it’s important to be aware of risks like structural or interior damage.

Finally, if the home is not sold at the auction, the lender reclaims ownership. This is called a bank-owned property or REO (real estate owned). These home are then re-sold through a local real estate agent or through the open market. They might even be sold through a liquidation auction.

 

Real Estate Foreclosures

 

While real estate foreclosures can be a reliable way to get a steep discount on a home purchase, it’s a complicated and often risky process. It’s in the buyers best interest to find a real estate agent who specializes in auctioned and foreclosed properties to help navigate these homes.

After the auction process, banks often sell foreclosures in bulk. This means the lender will package several properties into one transaction and sell them all at once. This can offer an even more significant discount. The real picture of home foreclosure is often an ugly one, and it’s important to take this process seriously as a buyer.

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Hurricane Rosa Floods Phoenix Areas All Around The Valley

 

The effects of Hurricane Rosa soaked parts of the valley in Phoenix, Arizona on Tuesday. The storm turned into a flash flood, and then slowly started to flood the freeways of Phoenix on the freeways. Hurricane Rosa, reportedly just recently devastated a city but only put the death toll to 1 in northwestern Mexico before moving north into the U.S. Experts said that the storm would then move to the states above, and on Tuesday October 2, 2018 that was felt in around the valley. 

 

In the AM of October 2, 2018, the National Weather Service issued a flash flood warning for the Phoenix area. Arizona natives felt the downpour of 2 inches of rain fell in metro Phoenix by midmorning and that additional rain was expected. Although no crashes were reported on Tuesday due to the flash flood, many have been seeing the effects in their home as the rain has seeped through every crack of their home and proving damage to the homes that have no proper sealant. 

 

 

Flash flood watches have since been in full effect for parts in the valley of the sun in Arizona, California, Nevada and Utah. So, if you are looking to keep dry, stay inside and watch out for any leaks, water damage, or potential mold that can form from the effects of water damage from this storm. 

 

If your home is flooded due to the weather damage, we here at National Cash Offer can help you! We deal with many houses that are suffering from any kind of mold, water damage, leaking pipes, and any other damages brought from ANY kind of weather. If you are looking to sell your home, but have run into these problems because of the storm, we can give you an offer within minutes and you can still sell your home with water damage!

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