Mortgage payments are some of the most substantial bills that homeowners have to deal with. Especially recently, it’s becoming difficult for many homeowners to keep up with their mortgages. If you have a mortgage with a high-interest rate, you may be looking for a way out. You may also want to get out of your mortgage for other reasons, like paying off other debts or relocating. If you need to sell your home in Birmingham when dealing with a bad mortgage, there are a few ways to do so.
Try a Short Sale
If you want to get out of a bad mortgage, you may want to sell. But it’s important to work as quickly as possible to sell your house in Alabama. A short sale can be a great option for those dealing with a bad mortgage. This process involves convincing your lender to let you sell your home for less than your loan balance and take the proceeds from the sale.
With this method, you do have to prepare your home for sale and get it on the market. While this route is quicker than the traditional market, it’s still not instant. On top of that, your lender may not agree to let you sell your house in Birmingham for less than your loan balance. If you can convince your lender, though, this may be a worthwhile option.
Give Ownership to Your Lender
When you get too far behind on payments, your mortgage lender may seek foreclosure. However, this can have a bad effect on your credit score. To reduce the impact, consider voluntarily handing over ownership of the home to your lender. This practice is referred to as “a deed in lieu of foreclosure.”
This process will impact your credit score, but not as much as a foreclosure would. Typically, you’ll have to prove that you can’t keep up with your mortgage. Plus, there is no guarantee that your lender will accept your offer. Still, this option is generally preferable to a standard foreclosure.
Get Out of a Bad Mortgage by Working with a Cash Buyer
It can be hard to sell a home with a bad mortgage on the traditional market. But when you work with a cash buyer like RHED Key Properties, the process is much simpler and faster.
RHED Key has provided fair cash home offers in Alabama for years now, helping homeowners get out from under their mortgages quickly. The process to sell your house is easy. Start by filling out the form on our website and telling us a bit about your home. We’ll present you with a fair cash offer in just 24 hours or less. If you choose to accept, you can set your closing date and get paid in cash.
We provide dozens of cash offers every month, helping Alabama homeowners sell their properties in days. If you need to move on from a bad mortgage, consider RHED Key. We buy houses in Birmingham, AL, regardless of age or condition. Sell your home in Alabama by contacting RHED Key Properties today!
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