Over the last 15 years, we’ve encountered multiple scenarios where a homeowner will come to us wondering if they should sell their home because they are going through difficult times financially, have already missed several mortgage payments, and are wondering if they should sell their home. When a homeowner falls behind on their payments it can happen for a number of reasons including job loss, downsizing, or health reasons, but when it comes to equity in the home, this “null and voids” the homeowner from doing a short sale and they should consider one of the following options.
Option #1 – Try to Get Back on Track Financially
If a homeowner has equity in their home, and they still love living there, then the first option that we recommend is that they do everything that they can to get back on track financially and catch up with their payments so they can continue living in the home. This is generally one of the most common options that we recommend because, if a homeowner loves their home and wants to keep it, they shouldn’t consider selling I and should do everything possible to stay in the home. Once you are back on your feet financially and have recovered from what caused your short-term problem you may qualify for a repayment plan with your bank and have the ability to start catching up on your mortgage payments.
Option #2 – Don’t Let the Bank Take Your Equity
Let’s say that a homeowner has between $50,000 and $200,000 equity in their home and they can no longer afford living there, the most obvious solution is to sell the home, keep the equity and rent while they get back on their feet again financially.
Contact the Fred Sed Group
At the Fred Sed Group, we’ve been helping Southern California homeowners for years who have are experiencing difficult times financially and are considering selling their homes. Our #1 goal when it comes to these situations is that when there’s equity involved, the homeowner should always do everything possible to keep their equity. If we can help you in any way when it comes to selling your home, or deciding on if you should keep it, contact us 7 days a week by calling us at (800) 921-9231 or connect with us online.