Mortgage complications? Sell your home Cash!!!
Foreclosure the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments. There are thousands of homeowners currently in the foreclosure process, which creates many disadvantages to the mortgagors for example not being able to get a mortgage loan for a real estate property, The foreclosure also impacts your credit score less as time goes on. Within three to five years, you may qualify for a government-backed mortgage loan. In seven years, the foreclosure drops off your report, and you may qualify for a traditional mortgage. Once a home is lost to foreclosure, the homeowner’s credit score will drop by as much as 250-280 points. Only three years or more of on-time payments will restore the credit score. In case the foreclosure is an isolated event and the credit record is otherwise sound, consumers may be able to rehabilitate their records in 24 months. But this is a rarity as foreclosure normally comes hand in hand with escalating rates that only push the individual deeper and deeper into debt.
Instead of going through that difficult process, there are many successful options an owner can have. Starting with getting a second lien on your home, which means A second mortgage or junior-lien is a loan you take out using your house as collateral while you still have another loan secured by your house. Home equity loans and home equity lines of credit (HELOCs) are common examples of second mortgages. Some second mortgages are “open-end” (meaning you can continue to take cash out up to the maximum credit amount and, as you pay down the balance, can draw again up to the same limit) and other second mortgage loans are “closed-end” (in which you receive the entire loan amount upfront and cannot redraw after that). Obviously that isn’t the wises route to go, as it were just hurt your chances of making a comeback due to having 2 payments instead of one. It is vital an individual make sure their finances are straight.
The best decision would be to sell your home cash to get out of the hole you have dug yourself in. Some of the advantages of selling a home to a house cash buyer are the speed of the sale; the convenience of the sale, and to make sure that the home is sold without worrying about any complications. Cash transactions are generally cleaner and can be closed in as little as 5 days, depending on title, survey, etc. whereas financed deals can take 4 to 7 weeks, or even more. As you can see the many headaches you will save from selling your home as is for cash? Simple realty services an RGV investment company is willing to take any property that falls into their criteria of your hands. We understand the many complications that real estate foreclosure can create, so all the homeowners would do: is go to the title company and pick up their checks for their property. Not needing to worry about contracts or any files consisted of a closing. CALL US TODAY 956-377-4040