People will often buy a house only to have their needs change as the years go by. Paying a mortgage on an unwanted house can be incredibly stressful and frustrating. In this post, we offer 5 ways to get out of your mortgage in Atlanta so you can move on with your life! Paying an expensive mortgage month in and month out can take its toll. Especially if you have grown out of the house and are... from https://www.cashhomebuyersatlanta.com/5-ways-to-get-out-of-your-mortgage-in-atlanta/
0 Comments
If foreclosure is looming over you like a black cloud on a sunny day, don’t ignore the rain. Open the letters your lender is sending you and see where you are at in the process. Make sure you find your mortgage documents and read them thoroughly to know what to expect when you don’t make your payments. If they have just begun to issue notices of non-payment, they haven’t issued the foreclosure yet. But if you ignore the pending legal action letters, that is no excuse in court. You may still have time to handle this situation and avoid a foreclosure on your credit report. Work With The GovernmentContact your state to learn more about the foreclosure time frame you are dealing with. When you learn the time frame and the different steps of foreclosure and compare that with what letters or other communication from your lender, this will determine how quickly you need to move to secure your exit strategy. The Federal Government’s Housing of Urban Development department has a handful of programs that may offer you a way out of your situation. A lot of these programs are determined on the home’s value versus how much is left on the loan. HUD also has counseling options available to help you understand your financial situation and what options may or may not work for you. Spend WiselyAnother way to avoid foreclosure is to take a long, hard look at your personal finances. Design a budget that will fit your basic needs like food, gas and mortgage payment. Skip the payments on optional or unnecessary items, like credit cards or expanded cable packages. Maybe opt for a cheaper phone plan and skip eating out. You might have to consider ways to make extra money, such as obtaining an extra job, or find odd jobs to do on social market boards or other local listing sites. You may also want to take a look at your home furnishings and sell the higher quality items to make a little extra cash. These options are great if you have a temporary hardship and are expecting to be able to make your mortgage payments more successfully in the next few months. Rent It OutA creative way to avoid foreclosure is to rent out your house to someone else. Their rent payment now becomes your mortgage and insurance payment. That means you would have to find somewhere else to live that is more affordable and move out. You could also rearrange your house to allow for a roommate to share your house and, depending on the amount of your mortgage payment, they might be able to pay a large portion of it to make it more affordable for you and fit better in your budget. On the other hand, renting out your home may lead to additional headaches from your renters and potential damage to your home. Sell ItThe most simple way to avoid foreclosure is to nip it in the bud with a short sale. There are lots of investors waiting for short sales to come on the market. This is where the bank will negotiate a sale price with a buyer and sells your house short of what is owed on it. Trust us, the bank does not want to own your house. They will usually take an offer that is close to the loan principal, even if the home is worth more than what is left. This makes for a great investment opportunity for buyers with cash on hand. Call Cash Homebuyers Atlanta at 770-769-5295 or send us a message to discuss the short sale process with us and other ways to avoid foreclosure in Atlanta .The post 5 Ways To Avoid Foreclosure In Atlanta appeared first on Cash Home Buyers Atlanta. from https://www.cashhomebuyersatlanta.com/5-ways-to-avoid-foreclosure-in-atlanta/ Divorces are difficult. About forty to fifty percent of marriages ended in divorce last year, and the rate is even higher for subsequent marriages. If you are going through a divorce right now, you are probably wondering what happens to your Atlanta property after the divorce. Who Keeps The Property?This is something you and your soon to be ex-partner will have to decide. One of you, or neither of you, will have ownership of the property. Most divorces will require the sale of the property because both parties want to keep it. Usually, the couple decides to list the property and split the proceeds. Sometimes, however, the sale process drags on and on, especially if the property does not receive very many offers from being listed with an agent. Selling directly to Cash Homebuyers Atlanta might save you some time, and headaches. Why Sell Direct?Professional home buyers in Atlanta , Georgia typically close faster than traditional home buyers. Traditional home purchases usually require qualifications from banks, mortgage underwriting time, property inspection time and the buyer may not end up qualifying in the end. When you sell property through traditional real estate agents, the usual commission is 3% per side, so if you sell your home for $300,000, you would have to pay $18,000 in commissions alone! Purchasing Homes As-IsProfessional home buyers in Atlanta will usually purchase homes as-is. As a seller, this means you do not have to worry about repairs before closing or any other additional expenses you were not planning on. There are some companies that do not require inspections which makes it a truly as-is transaction. Lower Risk TransactionsSelling to a professional home buyer is extremely straight forward. They will lay out every step of the process and usually have shortened, very clear contracts that are simple as-is purchase agreements. You will also have lessened exposure to legal risks. You won’t have to worry about the buyer finding something you didn’t know you didn’t disclose or something they don’t like about the home or the neighborhood. Under most traditional real estate contracts, there is a potential for the buyer to sue you if they feel they didn’t get all of the information, or if they feel the facts were misconstrued. Professional home buyers already know the state of the property, and they are willing to take on that risk. No ShowingsWhen you decide to use a professional home buyer in Atlanta , Georgia, you will not have to worry about going through a roller coaster of emotions. There are no frustrating, middle-of-dinner phone calls asking if you are available to show your home. You don’t have to worry about leaving your home spotless every day before heading to work, just in case there is a showing while you’re gone. You don’t have to worry about possibly running into a buyer’s agent or their clients or dealing with them asking you questions that you really shouldn’t answer anyway. You also don’t have to worry about buyers arguing with you over which furniture you are taking and what you are leaving. Move Out TimeProfessional home buyers are in it for the investment. They are not expecting to move into the home on the day of closing. Most home buyers will allow a move-out timeframe after closing to allow you to relocate at your own pace. This is extremely helpful, especially with such quick closing timeframes. Also, you may not even have to clean the home when you leave. You can simply pack your personal items and furniture you want to keep and leave the rest. Give Cash Homebuyers Atlanta a call today at 770-769-5295 or send us a message to discuss selling your property directly to us so you do not have to wonder what happens to your Atlanta property after a divorce.The post What Happens To Your Atlanta Property After A Divorce? appeared first on Cash Home Buyers Atlanta. from https://www.cashhomebuyersatlanta.com/what-happens-to-your-atlanta-property-after-a-divorce/ We all have rough times every now and again. As a property owner, having a rough time may mean losing the biggest investment of your life: your Atlanta house. If you are unable to make your mortgage and insurance payments, you are about to be facing foreclosure with your lender if you miss a certain amount of payments; this all depends on your mortgage document. Foreclosures Happen To The Best Of UsIn most cases, the foreclosure process will not begin until you have missed between 3-6 payments. First of all, it is important to understand that foreclosure is a process. The first step is called pre-foreclosure. This means that the property is in default and the bank may or may not foreclose on the property. The second step is a short sale. This is where the owner is trying to sell the property before the bank forecloses, but the market value is a little short of their balance due on the loan. Depending on the bank, they may or may not accept offers less than the balance due at this point. If the owner can get the bank to short sell, it is much better for their credit. The third step is the foreclosure auction. This is when the bank is trying to get the most money for the property in a short amount of time. The fourth step is an REO, which stands for “Real Estate Owned”. If the property does not sell at auction, the bank then repossesses the property and places it on the market for sale. Based on the process outlined above, “foreclosure” is the bank taking title or “possession” of your Atlanta house. This would impact your credit score and would also show up in any reports that future landlords would run. The foreclosure stays on your credit for at least 7 years before falling off, sometimes 10 years. Depending on your situation, you may have more time to live in your home if you let it go to foreclosure because of the statutory redemption period. This time frame depends on whether you took title via mortgage or deed of trust. If you have a mortgage, then the process may take as quick as 30 days, or as long as 2 years. At the end of the redemption period, if you have not reinstated your loan and are still not able to make your payments, then you really have to move out. If you took title through a deed of trust, there is typically no statutory redemption period, and you have to move out immediately. Is A Short Sale Really The Answer?During the foreclosure process as described above, you have the opportunity to list your Atlanta house as a short sale. The best time for a short sale is the time period when you realize you are unable to make your payments as outlined in your loan agreement, and before the lender files legal action against you and officially owns your house. You will be able to list your house on the market and try to get an offer that will satisfy the balance of your loan or get really close to it. This might be a difficult process because you will have to be in constant communication with the lender about the offers you receive and will have to wait for them to approve or counter offer the offers you receive. If you do have an offer that the bank is willing to accept, selling your Atlanta house to that buyer would relieve you of some of the credit damage of having a foreclosure, although it would still negatively affect your credit. The best option would be to avoid the foreclosure process altogether and negotiate a sale of your property before you get to the point of missing payments on your loan. Contact Cash Homebuyers Atlanta today at 770-769-5295 to see what options we could offer you so you wouldn’t have to decide which would be better, a foreclosure or short sale of your Atlanta house.from https://www.cashhomebuyersatlanta.com/foreclosure-or-short-sale-of-your-atlanta-house/ |
ABOUT USWe buy houses in any condition as-is so you can just be done. Let us take over the burden of that unwanted property. We will give you fast fair all-cash-offer and we can close in most cases in 10 days. We pay CASH and you will not pay any commissions, agents, Archives
November 2020
Categories |