If you are a homeowner that bought a home within the last five years, you may be feeling the strain of owing more on your mortgage than your home is worth. As frustrating as this situation is, you do have options that can help get you out from under a Greenville, SC, upside down house.
Find Out About Your Financing
For starters, you can try to work with your lender. The bank may be able to reduce your mortgage owed through a principal reduction. This requires the bank to forgive a portion of your debt – the portion that you are upside down on.
While this can offer a solution, it doesn’t necessarily get you out of your home, and the possibility of your lender assuming your debt is rare. But, it is an option to consider. Your lender may also have another alternative that can help you pay down your mortgage so you can sell without a huge loss.
Don’t Be Short-Sighted About A Short Sale in Greenville, SC
For homeowners that just can’t take the stress of owning an upside down house in Greenville, SC any longer, a short sale may be in order. You need a lender that will agree to a short sale versus a foreclosure as they essentially forgive a portion of your debt in exchange for the sale of your home.
A short sale in Greenville, SC, can help you avoid the embarrassment of going into foreclosure, especially if you are falling behind in your mortgage payments. But, you need a lender that is in agreement that a short sale makes the most sense.
While all you can think about is “please sell my house,” your lender may have a different idea as to how to get the most value from your upside down home. In a short sale, your lender is willing to accept less than is due on your mortgage for the sale of your home.
Greenville, SC, short sales used to be frowned upon by lenders, and homeowners as well, but they do offer a sound alternative to selling your home without taking a huge financial loss. If you were to sell your upside down home, without the forgiveness of the bank, you would find yourself several thousands of dollars in debt and without a down payment to put on another home.
A short sale offers you the ability right the ship and move forward with your life with a home that has more value than you owe. In a short sale, the mortgage amount that is owed over the value of your home is forgotten, and you are able to start the process of looking for a new home without any consequences. You will not be followed by the black cloud of an upside down house any longer, and you don’t assume any blemish to your credit, which many homeowners fear.
Take The Loss on Your Upside Down House in Greenville, SC
Other homeowners may decide to cut their losses and choose to get out of their home quick before their situation gets any worse. As property values decline, it can be a losing battle to try and fight an upside down house. Selling your house for whatever you can get does offer a solution, but it doesn’t offer the debt forgiveness that a Greenville, SC, short sale can provide.
When you decide to sell an upside down house outright, your only concern may be, “sell my house quickly.” Sure, this allows you to get out but the potential loss, but it may be too much for some homeowners to bear. It is, however, a better option than waiting until your home goes into foreclosure, which, unfortunately, some homeowners do.
The homeowners feel like they have no other choice than to enter foreclosure. They may literally take the process in stride and fight against the bank through the entire process. Using foreclosure as a way to walk away from an upside down home in Greenville, SC, provides you with nothing other than a mark on your credit and no value advantage.
Those that are in poor standing with their bank may feel like they have nowhere else to turn. They may just want out of their home without paying a penny more. And, yes, they do not pay a penny more to the bank to try and right their flailing mortgage. The bank takes ownership of the home and you are left with nothing to show for your effort.
Hearthstone Investors Can Help You Sell Your Upside Down House in Greenville, SC
You have many choices as to how to sell an upside down home in Greenville, SC. From trying to work with your lender to right the situation to using a short sale to your advantage. Consider each option carefully and contact Hearthstone Investors of Greenville, SC, to help walk you through the process that is right for you and help you sell your upside down home fast. Call us today to schedule an appointment.