Whether you overpaid for the property in a bidding war, you’ve fallen behind on mortgage payments, or property values have dipped, being upside-down on your mortgage or owing more than the current market value is a stressful situation for homeowners to be in. You may feel that you don’t have options if circumstances force you to sell your house instead of waiting out a market turnaround for values to rise. Explore your options so that you don’t make any costly missteps if you are ever faced with this dilemma.
With so many decisions ahead, being fully informed and weighing the benefits of each will help you feel confident in the action you take. So read on as we explore four things you can do if you are upside-down on your mortgage in Kansas City .
Contact Your Lender and Local Assistance Programs
Reach out to your mortgage lender as soon as possible to inform them about your financial difficulties. Explain your situation and ask if there are any options available to help you catch up on missed payments. Some lenders may be willing to work with you by offering forbearance, loan modification, or repayment plans. It’s crucial to maintain open lines of communication with your lender throughout the process.
Research and inquire about any available government or local assistance programs designed to support homeowners facing financial hardships. These programs can provide temporary relief or offer resources and guidance. For example, there might be programs that provide financial counseling, foreclosure prevention, or even financial assistance to help you catch up on missed payments.
Complete An Assessment of All Your Finances
If you are upside-down on your mortgage in Kansas City , you should first assess where you are financially. It’s important to take a hard look at your finances and determine what you can realistically afford to do. Review your budget and see if there are any areas where you can cut back on expenses. Consider consulting with a housing counselor or a reputable financial advisor who specializes in mortgage issues. They can provide personalized advice based on your circumstances and help you understand the options available to you. These professionals can guide you through the process, negotiate with your lender on your behalf, and ensure you make informed decisions about your mortgage.
Then if you determine that you need to sell, you should get a realistic picture of where you stand. Then, contact your lender for the amount owing on the mortgage and schedule a professional appraiser so that you’ll work with exact numbers.
Professional cash home buyers like those at Mastiff Home Buyers want you to make an educated decision about your future, so they’ll compare what you could earn from listing vs. our offer to buy your house directly as-is for cash, and you can skip the prep, cleaning, and repairs. At Mastiff Home Buyers , our professional buyers provide all the details used to calculate our offer because we want you to agree it is fair and feel good about working with us long after closing.
Short Sale or Assumption
Naturally, you want to try every option if you are upside-down on your mortgage in Kansas City ; while a short sale has some consequences, they don’t compare to the fallout from claiming bankruptcy or a foreclosure on your credit record. If your house needs a lot of repair before it can be sold, this might be a viable option for you. Professional home buyers like those at Mastiff Home Buyers can assist you in negotiating a short sale with your lender. A direct sale to Angel and Jeramie at Mastiff Home Buyers makes it easy to solve your home selling troubles in Kansas City .
Depending on the terms of your mortgage and your lender’s policies, you may also be able to transfer your mortgage to a new buyer. In a loan assumption, the new buyer takes over your existing mortgage and becomes responsible for future payments. This option requires lender approval and finding a qualified buyer who meets the lender’s criteria.
Pay the Difference
Another thing you can do if you’re upside-down on your mortgage in Kansas City is to list the property and sell with a real estate agent or list on your own as a for sale by owner. In these scenarios you may need to bring the difference between what you sell it for and what you owe to the closing table to pay off the remainder of the mortgage. With a direct sale of your Kansas City house to professional home buyers like those at Mastiff Home Buyers , you’ll get a fair value and won’t pay any real estate commissions. At Mastiff Home Buyers , we operate with total transparency, with no hidden fees, and no closing costs. We offer a full service to you and can help with other things that may impact your situations such as moving arrangements or storage, then can close usually as soon as you would like. Just talk to Angel or Jeramie about selecting the best calendar date for your closing.
At Mastiff Home Buyers , Angel and Jeramie might be the best option if you are upside-down on your mortgage in Kansas City and need to sell. We listen to you in order to understand your problem so that we can help find the best resolution for your situation. Feel free to ask us any questions or express any concerns you may have about the process of a direct sale of your Kansas City house. Angel and Jeramie are your neighbors who live in Belton and love the Kansas City community. We are proud of the work we do helping Kansas City sellers with unique and individualized solutions, one seller, one property at a time. So why not learn more about our direct sale service by talking with a professional home buyer from Mastiff Home Buyers for yourself without obligation? Call Mastiff Home Buyers at (816) 535-0076 .