Upside Down In My Mortgage, What Should I Do
You’re upside down in your mortgage, and you need a surefire solution to escape from this dilemma. Should you just put up that “For Sale” sign in your lawn and wait for greedy home buyers to purchase it at the lowest price possible? Even if you’re mortgage is underwater, you still have a few options that can lighten your burdens. Here are three practical strategies to consider when you want to get a second chance at life without losing more than what you have.
Work with a local Nashville Home Buyer and do a Subject 2 Deal
Subject to, also referred to as “subject 2”. allows the buyer to take over your payments, which is subject to the existing mortgage. In simpler terms, subject 2 deals enable the seller to sell the home with little to no out of pocket expense. This is an ideal way to sell a home when you have little to no equity.
You can save more time and money as you spare yourself from going to closing and having to pay out of pocket. Moreover, you no longer need to worry about the hassles in getting new financing such as underwriting, application fees, and the anxiety of getting an approval. In this tough situation you are in, every single dollar counts. So, a subject 2 deal may be a real lifesaver in your case.
Refinance your mortgage
This option might have crossed your mind, and now may be the best time to refinance your mortgage. In fact, based on the data gathered by the Bureau of Economic Analysis in the first quarter of 2012, the average interest rate was 5.098 percent. However, you will be surprised to know that lenders are now offering competitive rates much lower than that benchmark. With this in mind, refinancing is the smartest thing to do for many homeowners who are upside down in their debts.
Refinancing will not only reduce your interest rates, but
it can also significantly lower your monthly payment. So, you end up saving money on interest, and it frees up hundreds or even thousands of dollars that you can put in the bank or apply to other house hold debt. There is one caveat, refinancing can lengthen the duration of your loan.
Contact a Nashville cash home buyer
You may be torn between the idea of giving up your home and saving it for sentimental reasons. Emotional attachment or financial realizations may get in your way of selling your home. However, there’s the harsh reality you are facing right now, and the best thing to do is to move forward.
Even if your house is in distress, or you’ve already given up on real estate agents who can’t do anything about your condition, working with a cash home buyer can offer you a win-win solution. These companies give you a practical way to get rid of your real estate problems while saving your credit along the way. Most importantly, they have cash ready to buy your home as is, at a good price and without the long wait.
Help Is On The Way
With all these options, finding a local home buyer that will do a Subject to purchase or an all cash purchase is your best bet. You can get the money you deserve, and this gives you a chance to get back your life and rebuild your credit over time.
We Buy Nashville Houses offers a fair and fast deal that can get you out of a tough financial situation and help you move onward in life. By choosing us, you don’t have to worry about paying any fees or accomplishing paperwork to close the deal. We’re here to help – with ready cash to buy your home regardless of its condition.
So, give us a call today for a no-obligation offer, and start walking out of your financial worries with dignity.Source: www.thepatrickgracegroup.com