Owning a home is a huge financial responsibility, and if something unexpected happens to affect your income or expenses, you may fall behind on your mortgage payments. Often, you can make arrangements with your lender. But if you need to sell your home, a cash buying company may be a good option.

Foreclosure Process

Many lenders are willing to work out a plan if you have a temporary setback. Still, if you miss even one payment, you are technically in default, and you may receive a letter saying so. If this happens, you have 120 days on average to catch up.

In foreclosure, your financial institution will take possession of your property and you will be evicted. The consequences can be devastating to your credit score and your ability to get financing in the future. Many homeowners decide it’s best to sell their homes rather than face foreclosure.

The “Short Sale”

If you have equity in your home, you will be able to sell your home, pay off your debt, and perhaps walk away with some money in your pocket. Many homeowners, however, are equity-poor or “underwater,” meaning they owe more than the house is worth.

A “short sale” is an agreement with your lender that you will sell your home, and they will accept the full proceeds. Many lenders will forgive the remainder of the debt, while others will require you to pay the difference. 

The Cash Buying Company

Whether you need a short sale or a regular sale, selling to a cash home buying company can be a good way to avoid foreclosure. A cash sale is quick and easy. The company will make you an offer within 24 hours, and you can almost always close within 30 days.

If you decide on selling to a cash buying company, contact your lender to make arrangements to apply the proceeds to your mortgage. Cash buying companies do not charge commissions or closing costs. You will know the exact amount you will receive at closing.

A home sale to a cash home buying company can result in fast cash and provide you a way out of your financial troubles. If you’ve fallen behind on your mortgage payments, it’s an option worth investigating. 

If you need a quick sale for your Indianapolis area home, click here to learn more about how a cash sale may help you!