If You’re Behind on Your Mortgage, Can You Sell to a Home Buying Company?

If you experience an unexpected financial blow, you may find yourself struggling to make your mortgage payments on time. If you fall too far behind, your mortgage lender will threaten you with foreclosure. Before that happens, you have some options, including selling your home to a home buying company.

What Is Default?

If your payment is 30 days late or more, you’re considered delinquent and your mortgage is officially in default. Most lenders will attempt to work with you so that you can catch up on payments or possibly refinance your home, if that is an option. 

But if they officially send you notification of default, this is considered a pre-foreclosure measure. You have 120 days to make good on the payments, or foreclosure proceedings will take place. At that point, the mortgage lender will take possession of your home, and you will be evicted.

What Is a Short Sale?

If you owe more on your mortgage than your property is worth, your lender may accept a short sale. In this case, all the proceeds from the sale will go to your mortgage company. Even if it doesn’t pay off what you owe, the company will declare your debt as settled.

However, you must get approval from your lender for a short sale. Otherwise, you’ll be expected to pay the difference between what you owe and what you receive for the house. If you’re already struggling financially, you may not be able to do that.

How Can a Cash Sale Help?

If you sell your home to a cash buying company, they will make an offer within 24 hours, and you can close within a week in most cases. This can provide an immediate solution to your problem. 

You can get ahead of the problem by selling your home to a cash buyer even before you’re in default. The process is simple. There are no contracts to sign, and you have no obligation to accept the offer. 

If you’re having trouble making mortgage payments, it’s worth your while to explore all your options, and that includes selling your home to a cash buying company. These companies are experienced in working with homeowners who need a quick sale.

If you’re thinking about selling your home because you’re having trouble making your mortgage payments, see how Simple Sold Homes can help. 

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