If you need sell your home fast, talk to us at L & O Bros Realty – we buy houses in Melrose Park Illinois at competitive prices. Sudden illness, loss of employment, a death in the family or divorce could result in financial difficulties that make it impossible to keep up with your mortgage payments. If you find yourself in this situation, don’t panic – you’re not alone. Although selling your property could help you settle your accounts, there are other options. By taking time to explore all possibilities, you can have greater confidence that putting your home on the market is the best option.
Some home insurance policies offer mortgage protection to help cover monthly payments in the event of a homeowner losing his or her job. Mortgage protection generally applies to homeowners who lose their jobs within 24 months of purchasing their home. This protection helps cover mortgage payments, taxes and home insurance for a specified time. Depending on your coverage, mortgage protection may last up to six months, giving you that much leeway to find a job and resume making your payments. Although mortgage protection can be a help in time of financial crisis, it’s not a permanent solution to financial problems. It does, however, provide financial respite while you contemplate a long term solution.
When it comes to making mortgage payments, personal savings or retirement funds can be used to help in a financial crunch. You’ll have to budget these funds carefully in order to make the most of what you have. You should also see if you qualify for severance pay or unemployment benefits as these funds can be factored into your budget until you find a new job. It’s important to keep track of your financial situation so you don’t run out of money before a permanent solution can be found. Don’t wait until you’ve exhausted all your financial resources before taking the next step to resolve your problems.
Once you realize you’re in a financial crisis, reach out to your mortgage lender to see how you can work things out. Talking to your lender shows you’re willing to do what you can to comply with your financial obligations. Discuss payment options that are favorable to your situation during this time. Your lender may reduce monthly payments or allow you to skip payments altogether for a specific time period while you look for a new job. Other options include:
– “Hardest Hit” Fund (offered in various states)
– Specialized forbearance contract for FHA loan recipients who are unemployed
– Special mortgage adjustments offered by lenders
The sooner you contact your lender to make financial arrangements for your mortgage payments, the better. Don’t wait until you are months behind in your mortgage to take action. Your lender may be less compliant to help you after you’ve missed months of payments and have ignored his or her letters, emails and notices.
If approved for this federal program, you could be granted forbearance of mortgage payments for a specified time due to loss of employment. A forbearance contract could allow you to pay reduced monthly payments or could suspend payments altogether to give you time to recuperate your finances. Not all homeowners are eligible for this Fannie Mae mortgage scheme. In order to qualify, you have to meet the following criteria:
– You have no prior adjustments on your home loan
– You’re three months or less behind on your mortgage payments
– You’re receiving unemployment benefits
– Your loan was taken out before January 1, 2009
By contacting the office of the Home Affordable Adjustment Scheme, you can get a better idea if you qualify for this program.
By filing a Chapter 7 or Chapter 13 Bankruptcy, there’s a possibility you can save your home from foreclosure in the midst of a financial crisis. This is a serious step, however, as your bankruptcy will affect your credit standing for years to come. It could also have repercussions on future job possibilities. Depending on the terms of your bankruptcy, you could remain on your property while making arrangements to settle your debt with your lender. Bankruptcy gives you an opportunity to work out your financial situation without losing or selling your home.
Once you’ve exhausted all other possibilities, you can always sell your Melrose Park home to pay off your loan and avoid foreclosure. The best way to sell your home fast is through a real estate investment firm. There are numerous advantages to working with a real estate investment firm as opposed to a local realtor.
Local realtors expect that your home be up to par physically in order to improve chances of selling. This requires that you invest time cleaning, decluttering, painting, repairing, etc. to prepare for Open Houses or showings. Depending on the state of your property, you may need to invest in major upgrades to ensure your home passes home inspection. As a seller, you may also need to wait for a buyer to get approved for a loan before you can close the deal. This could add days or weeks to the sale schedule.
In contrast, real estate investors purchase properties “as is” for business investments, eliminating the need for repairs, upgrades or home inspections. You don’t have to go further in debt to borrow money for home improvements before selling.
At L & O Realty, we can make you a cash offer for your home comparable to market value in your local area, enabling you to get a good deal. We also don’t have to wait for loan approval, eliminating any delays to setting a closing date and finalizing the sale. If it’s essential that you sell your home fast to avoid foreclosure, we’ll help expedite your sale and close the deal. We’ll work with you to make sure you are fully satisfied with your home sale deal.
No matter your situation, whether you are in pre-foreclosure, the foreclosure process, dealing with a probate case or just want to sell your house fast for the best price, in any condition in Melrose Park Illinois, Chicago or another location contact us today! We help homeowners just like you sell your house fast for the best price in as little as 7 days. Call us at 708-469-6363.