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Times can get tough money wise. Even if you save, something could happen that might leave you broke. And It’s not unusual to consider selling your home to get out of debt.
But is it the right decision for you?
It all depends on how serious your financial situation is.
How much debt do you owe? Are you unable to cover your basic expenses? How long have you been struggling financially? Are you considering selling your home so you can relocate quickly for another job?
We’ll start by looking at the reasons why you shouldn’t rush into selling your house and then look at circumstances when it would make more sense.
Most people run into difficult life circumstances that may prevent them from paying bills from time to time. But you shouldn’t rush into selling your house if:
Most lenders actually have grace periods so that homeowners have more time to pay their mortgage without penalty. You can actually miss four payments (about 120 days) before you’re in real risk of foreclosure. If you’re unable to pay your mortgage for just two to three months, don’t panic if you have a viable solution to pay it off in a few months. When in doubt, call your lender to go over your options.
According to Randstad, it takes an average of five months to find another job. If you’re unemployed, give yourself at least two or three months to gather job leads. By two or three months, you’ll be able to feel out the job market and see if you have any promising opportunities. If you’re not getting any leads or the job market is slow, you may want to consider selling or renting out your home.
Some life circumstances will leave you no other choice but to sell your home to get out of debt. Here are some of the reasons why it might make more sense to sell:
If you’ve exhausted all possibilities to pay your mortgage and think you’ll run out of cash after three months, you may want to go ahead and put your house on the market.
When the threat of foreclosure nears, you should consider how to get rid of your house quickly, so it won’t ruin your credit. Selling your home through a property investor may be the quickest solution.
Selling your home and/or downsizing can help reduce your debt and help you live more comfortably. If you don’t need a big home, why struggle with the bigger mortgage?
Having additional properties can be stressful and expensive. If your rental property or any additional property is costing you more money than you can handle, you should probably sell. Selling an extra home may help you make a profit that will help pay down other debt.
Liens attached to your home can lead to foreclosure. Believe it or not, you can be forced into foreclosure in Georgia for non-payment of HOA dues totaling $2,000 or more.
Many people try to stay afloat by paying the minimum amount on their loans and credit cards. Paying the minimum for too long, however, can ultimately cause your interest fees to add up and keep you under water. If your credit is at risk and you have no other options to pay down debt, you may want to consider selling your home.
The fastest way to sell your property is likely going to be through a property investor, like Arbor View. We provide cash offers to homeowners and can close in a matter of days, so you can potentially avoid foreclosing. Another bonus is that there are no realtor commissions involved when selling to Arbor View.
Selling your home to us instead of going through a realtor may also be the best route if you have a lot of repairs to make that you aren’t able to afford. Arbor View property investors will buy your house as-is, so you’ll have less to worry about.
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