No one likes missing out on their mortgage payments. Unfortunately, it’s a reality many Americans face whether the economy is good or bad. Once you’re behind on your mortgage payments, it could be only a matter of time before foreclosure comes knocking on your door.
For homeowners who are beyond on their mortgage payments, there is a possible silver lining which is selling your house. Contrary to what most people think, selling a house when you’re behind on payments is not only possible but sometimes the best option.
But it's not a solution for everybody. The question of whether selling a house while still paying a mortgage is applicable depends on several factors.
Can you sell a house with a mortgage? It depends on whether or not your lender has declared foreclosure on your property or not.
Note that getting a foreclosure notice doesn’t mean your property is already foreclosed. You’ll usually get these notices when you miss just one of your mortgage payments.
So how many months can you get behind on your mortgage before you get foreclosed on? Only when you’re more than 3-4 months late from your last payment can your lender initiate foreclosure proceedings. This length, however, varies from one lender to another.
If you’ve been foreclosed, sadly, there isn't much you can do. The lender can legally evict you from your property, then sell it off to pay for your loan. Your best bet is to talk to your lender about giving you more time to sell your property if he or she will even allow you to.
But if you haven’t been foreclosed yet, you still have options at your disposal. Successfully selling a house that still has a mortgage depends on whether the value of your home is worth more or less than what you owe.
If your property's value is higher than your mortgage balance, then you can still sell it. Selling your home means you go through the normal process, which involves getting a realtor or selling it on your own.
However, if your house's value is less than what you owe on your mortgage, then you have to do a short sale transaction with your property. In this case, you need your lender’s approval to initiate this type of selling.
In essence, a short sale means that profits you get from selling a property are not enough to pay off your mortgage.
While not ideal, it’s better than having your property foreclosed on, because your credit score won’t suffer as much. You also get to stay in the home until the sale is completed, avoiding the embarrassment and trauma of an eviction.
In reality, the option of short selling isn’t always available to you. That’s because the decision of whether or not to have a short sale rests entirely on your bank or lender. As a rule of thumb, most of them will prefer that you get back on track and continue with your mortgage payments.
If you are not far behind on payments, then the bank might rule a short sale off the table. That's because, in a short sale, the bank or lender will get less than what you owe them. Only if you’re extremely behind on payments and have no other options would they agree to a short sale, in efforts to recoup some of their losses. Banks would rather be paid in cash than having to go through the hassle of managing and selling a property.
Banks will require that you submit financial documents to prove that you’re unable to fulfill your loan payments and that a short sale is the only way. You’ll also be asked to explain your reasoning for a short sale in a written letter. Some lenders will even attempt to add conditions in order for them to agree to the short sale.
One problem you might encounter is if your lender sells your mortgage to another bank. If that happens while you’re in the middle of the short sale application, it might restart the process. This potentially makes it harder, depending on the new bank.
Preparing your house to sell can be a very challenging and stressful task. It can be even more difficult when you’re behind on payments. That’s because prep work needs time and money, something that is in short supply when facing mortgage troubles.
Preparing your home is crucial if you want to appeal to more buyers. The good news is that, depending on how well-maintained your property is, you can prepare your home on a shoestring budget -- if you’re willing to use some elbow grease.
You can start with simple things like doing a deep clean of your home to make it presentable.
Adding some curb appeal to your house also goes a long way in giving buyers an excellent first impression of your home. Trim your lawn, remove dead branches from your trees, and give the patio and front door a nice repainting.
You can also stage your house to make it even more inviting to prospective buyers. You can easily do this yourself. The key is to keep it simple, give lots of space, and make it appeal to the masses. Remove any family photos, unique displays, or anything that specifically expresses your personality. People like to imagine themselves living in the house, so your home needs to be as standard as possible.
The sale of a house with a mortgage has its fair share drawbacks for you, the lenders and banks. But, with alternative courses of action, you may find a more positive outcome. While selling (or short selling) your house is the most common option when you’re behind on payments, it’s not your only option. There are two more alternatives that can be better options, depending on your financial situation.
A loan modification is a request to your bank to lower your interest rate. The concept is that, with the lower interest, you can better afford the loan payments, helping you get back on track. For some banks, it means getting less income overall, but it's better than the hassle of foreclosure.
To qualify for a loan modification, you need to make sure you can handle the monthly payments at the lower interest rate. This works well if you have a stable source of income that's not enough to cover the payments at a higher rate.
Banks will usually ask for requirements proving that you can’t make the payments and would need the rates lowered. They will then put you in a probationary period of at least three months. During this time, you must comply with the new payment scheme before being approved.
This process can be lengthy, with some banks going as far as intentionally delaying your application. Also, if you can’t stop your mortgage from being sold to another company, then you may have to restart the process. If you do get approved, it could be a good idea to sell your home after a loan modification.
House Buyers of America is an ideal option for homeowners who want to sell a house fast to avoid foreclosure. Our process is extremely intuitive yet simple: we buy houses for cash. If you want to learn more about selling your house fast to House Buyers of America, just give us a call. We'll give you a fair cash offer in minutes.
Here's a closer look into the whole process of selling your house to House Buyers of America. First, request a fair cash offer online. We'll then schedule an in-person meeting to discuss our cash offer with you. There is no need to repair or prepare your home.
Once you accept the offer, we'll buy your house right away. The best part is, you will get paid in a matter of days.
House Buyers of America is an easy, quick, and fair way to sell your house with no realtors and you pay no commissions. You get paid a competitive price for your house.
The good news is that the foreclosure procedure usually takes months. That gives you plenty of time to correct the situation. The key is to address the situation and come up with a game plan as soon as possible.
Foreclosure can be difficult and hard to accept. Still, the more prepared you are for it, the easier you can find a solution.
If you are behind on payments, contact House Buyers of America today about selling your home for cash. We can help you get back on track and avoid foreclosure. Every second counts so call us at 855-659-3289 or use our online form to get an offer today.
Sell your home directly to House Buyers of America and can skip all the hassle and months of uncertainty. Simply enter your address – and get our offer with a few simple steps.Get an Offer
Ways to Sell Your House Fast For countless homeowners, the thought of selling a house as is can be a daunting challenge. One often imagines the leisure to smoothly navigate through the home-selling journey. However, as elaborated below, life throws curveballs like: Job transfers Growing families A sudden demise in the family Financial tight spots Divorce upheavals Relocating for fresh job prospects Mounting maintenance costs Such pivotal moments demand rapid action. That's where homeowners prioritize locking in the sale of their houses swiftly. Trusted partners like House Buyers of America have an upper hand with their comprehensive resources, ensuring homeowners receive competitive, fair cash offers and fast house sales in their tight schedules. Why "Sell My House Fast For Cash" Could Be Your Answer Ever stood in your living room pondering, "Can I sell my home for cash?" Many find the start of the selling journey mystifying. 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Downsizing for Simplicity: Life stages shift, and a desire to minimize arises. If you're resonating with the "I need to sell my house fast for simplicity's sake" sentiment, know that the condition of your home isn't a deterrent. House Buyers of America promises a quote in just ten minutes. If you've found your next nest, it's wise to seal the deal on your current residence and avoid financial strains. House Buyers of America is your ally in such ventures. Related: Selling An Inherited House What to Consider Before Selling Your House for Cash Any house sale mandates due diligence. To optimize your outcome, being informed is key. At House Buyers of America, we always advise our clientele to weigh these factors before settling for a cash buyer: Time Constraints: Situations like job relocations, unexpected inheritances, or pending divorces vary in urgency. Depending on market dynamics and the state of your home, the sale might be instant or prolonged. For those seeking an assured quick sale, a cash offer might be the golden ticket. How Much Work is Needed to Sell There’s a lot of preparation that goes into selling a home the traditional way with a real estate agent. There’s packing, renovating, fixing up the house, listing photoshoots, home staging, and open houses—the list goes on. The only way to avoid these obligations is to opt for a “sell house for cash” program. These programs, like the one we offer at House Buyers of America, provide you with a fair cash offer based on the current condition of your home—no cleaning or prep work required. We work with you every step of the way based on your unique selling situation. Who Cash Home Buyer Programs Are Right For If you want a simple and hassle-free home sale, selling a house to a cash buyer might be your best available option. House Buyers of America is here to help sellers in those situations. We offer a competitive sales price for your house AS IS, no matter its condition, saving you the time and stress that would have gone into trying to sell on the market. So, what’s the benefit? A qualified company that buys houses for cash, like House Buyers of America, has the funds to make the purchase. You also get a guarantee that the sale will go through. That's never the case with selling a house to a high-tech real estate cash buyer like House Buyers of America. Also, when you sell your home fast to a cash buyer, you know they can process the payment much more quickly because they aren’t relying on lenders or third parties. This means that your house is sold fast, and you're free to move on to your next place. Of course, while working with an iBuyer is usually the best way to sell your home quickly (for cash or otherwise), there are still several other options that might be worth exploring: Related: The Top 6 Reasons You Should Sell Your House “As Is” For Sale by Owner (FSBO) Listing This method allows homeowners to bypass real estate agents. However, the onus of managing paperwork and attracting buyers falls squarely on the homeowner. This route can often be more time-consuming than anticipated, especially if the market is slow. Real Estate Listing This method has its merits, but the time and effort involved in maintaining the house for viewings, alongside agent commission fees, can make it less appealing for those wanting to Sell Your House Fast. Doing “Whatever It Takes” Selling a house requires effort, whether you're working with an agent, promoting it on social media, or hosting open houses. But remember, more effort doesn't guarantee a faster sale. The below statistics demonstrate why this is the case: The entire length of time it takes to sell a home is more than just the number of days your house is on the market. Before your house can be listed for sale, you must do your research to ensure selling your house is the right decision and also find contractors. That takes time. 86% of home buyers finance their homes, meaning they must wait for their mortgage loan to be approved before finalizing a purchase. That adds additional time to the closing process. It takes 30 days, on average, for a mortgage to be approved, and 50 days for the sale of a house to be completed (from initial offer to closing). On top of that, if the house needs a lot of work and the buyer is getting a construction loan—like an FHA 203K loan—you can expect another 90 to 120 days for that to be approved. Why The Traditional Route Might Not Be Fast Enough Traditional house selling methods often require time, sometimes stretching from 6 months to a year. This can be problematic for those seeking a rapid solution, making a "sell my house fast" approach a more appealing alternative. Our team at House Buyers of America is passionate about providing homeowners with a convenient and rapid-fast alternative that puts cash in their pockets sooner rather than later. House Buyers of America's Sell Your House Fast Process Have you ever thought, "I need to sell my house for cash now"? House Buyers of America's process is efficient and designed for speed. This approach is particularly beneficial for those eager to progress to their next life phase without the added stress of a prolonged selling process. The Experience of Selling Your House to House Buyers of America When you work with House Buyers of America, you're working with a seasoned, reputable company. With their history of buying thousands of homes since 2001, their process is streamlined, efficient, and trustworthy. 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Making the Right Choice for Your Needs While traditional methods might work for some, many find the efficiency and ease of a "sell house for cash" approach preferable. If a hassle-free, swift sale is what you're after, House Buyers of America might be your ideal choice. FAQ Why might someone want to sell their house swiftly? Reasons vary, from job relocations to financial challenges or even unexpected property inheritances. Is selling my house for cash a reliable option? Yes, especially when you want to sell your house fast without the regular market uncertainties. What advantages do iBuyers like House Buyers of America offer? They provide a streamlined process, no realtor commissions, and swift cash offers, among other benefits. Does the condition of my home affect the cash sale? Not with entities like House Buyers of America, as they offer to buy homes "as is." How long does it take to get a cash offer for my house? 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Cities and Counties in Maryland Where We Buy Houses Aberdeen Adelphi Annapolis Baltimore Bel-Air Beltsville Bowie Burtonsville Bushwood Catonsville Chesapeake Beach Chevy Chase Chillum Clinton Colesville College Park Columbia Crofton Darnestown Edgewater Eldersburg Elkton Essex Fells Point Fort Washington Frederick Gaithersburg Glen Burnie Greenbelt Gwynn Oak Halethorpe Havre De Grace Hyattsville Indian Head Lanham Leonardtown Lexington Park Lochearn Marlow Heights Mechanicsville Milford Mill Monkton Monrovia Montgomery County Mount Rainier Nanjemoy Olney Oxon Hill Pikesville Potomac Prince George's County Randallstown Rockville Rosedale Walkersville West River White Plains And more! We’ve worked hard to establish the best platform for quickly selling your home in Maryland. With our “We Buy Maryland Houses” program, you can quickly get your home off your hands, all for a very fair price. 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Our commitment to a speedy sale is a hallmark of House Buyers of America. Any Condition, AS IS This is not a gimmick. We buy houses AS IS in Maryland, in any condition—from a tear-down to relatively new houses. Whether it needs tons of repairs or no repairs at all, our purchases are not made based on the condition of the home. Our offers are made in cash for any condition and on an AS IS basis. When Should You Use House Buyers of America? Clients of House Buyers of America range across demographics, ages, and financial situations. We help make it possible for Maryland homeowners to achieve their financial dreams. As a result, there are certain reasons why our customers tell us why they sell their houses to us. Job Transfer Did you just get a promotion that requires you to relocate? Or maybe your local office is closing down and you have to relocate to another city quickly in order to keep your job. Whatever your job transfer needs are, we offer cash for your home and we can close quickly. Buying a New House Perhaps the thought of juggling the sale of your current home and purchasing a new one at the same time in the same local market might be creating a lot of stress. Have you considered having to have your home staged and then factor in coordinating where to live after you sell? What should you do? Put a home sale contingency in an offer to purchase a new house and risk making your offer much less competitive. Or should you buy a house first and then risk not being able to sell your current house, leaving you stuck with two mortgages? This is the age-old real estate dilemma. If you’re in this situation, you’ve come to the right place! With House Buyers of America, you get a guaranteed sale of your house and we’re flexible on the closing date (and no closing costs). After the purchase agreement is signed, your home sale is covered and you can start looking for a new home without worrying about selling your existing home. Divorce Divorce can be a huge disruptor, emotionally and financially. In most cases, the divorced couple needs to sell their house fast so they can divvy up the assets and make a clean break. Many in a divorce situation look for a “sell my house fast Maryland” company so they can sell their house without having to go through the arduous process of a traditional sale. Finding a real estate agent, renovating, cleaning, and staging the house, agreeing on a list price, negotiating the terms of the contract, etc. This is normally a stressful enough task, but if you add divorce into the mix, it feels impossible. Why not pick up the phone and get an offer in 10 minutes? Or simply fill out our online form and get an offer quickly. No need to renovate, stage, select a Realtor, and deal with people traipsing through your house and losing all of your privacy for 6-12 months. Real solutions are well within reach. There is an alternative: House Buyers of America! Financial Distress Are you in a financial bind with thousands of dollars locked away in your home? Most people do not realize they can directly access the accumulated equity of their home in their hands in as little as 7 days until they contact House Buyers of America. We offer fair prices for when you need an immediate cash infusion to stave off foreclosure, bankruptcy, or whatever life throws at you. Medical Emergency, Retired, Downsizing Some of our clients are elderly and have stayed in their homes for years, but have stumbled into a medical emergency and need the equity in their homes to pay for hospital bills. When this is the case, whether you are a homeowner or a care provider, you might need to sell your Maryland home quite quickly. Others simply want a hassle-free solution for downsizing into a smaller home and want equity in their legacy home. Estate Sales House Buyers of America have also helped thousands of people who have suddenly inherited an unwanted or unneeded property. When dealing with an estate, many heirs can’t decide or agree on when to sell the house or who will take care of the paperwork, so the house is left sitting vacant and deteriorating for months or years. Estate sales can bring out the worst in people and families often get torn apart in the process. The traditional real estate process can be complicated and often doesn’t work well for estate sales. The unique estate laws that apply in Maryland can also create some additional complications. So why not try a simple, fast, and hassle-free solution that all of your family members can agree on? Get an all-cash offer in as little as 10 minutes by contacting House Buyers of America. A Fresh Start We’ve talked about several reasons you might want to sell your Maryland house to a cash buyer. Then there are those unfortunate circumstances in life that require a complete and total liquidation of your assets when you need a speedy exit from your current home and town. By getting an all-cash, guaranteed offer from House Buyers of America and getting your house sold in as little as 7 days, you get that fresh start without waiting. That’s why we continue to be the choice of people looking to “sell house fast in Maryland,” as well as other nearby states.