One of the worst fears that people have is experiencing a foreclosure. The lender can take possession of your home when you cannot make your monthly mortgage payments. If your bank successfully foreclosed on you, not only would you would be forced to move out of your home, but you would lose any equity that you have. This could amount to 6-figure+ losses depending on the value of your home.
The lender could even pursue a deficiency judgment if the property is worth less than what you owe. This means that the lender could get you to pay off the mortgage by selling off your other assets. Owners of single-family and small multifamily properties in CT that are going through foreclosure should consider the following tips.
1. Get a Second Job
A great way to avoid foreclosure is by getting a second job. You would need to work on the weekend or after you are done with your first job. Although it could help you draw in more income to allow you to afford the payment, it might not be the best option, especially if the monthly mortgage is very large. And if you owe a lot of money on the house, you would have to work two jobs for several decades if you wanted to repay the entire loan. You should only give it a try if the loan balance is almost paid off. Otherwise, it would not be the best option as you may burn out.
2. Draw from Reserve Accounts
Another way to avoid foreclosure in CT is by drawing from your reserve accounts. It is only an appropriate option in a situation where you actually have a savings account. Even though you might be accumulating wealth for your future, you might want to consider drawing from the account to pay the mortgage. However, you should speak with your financial advisor before you make any draws, as you might end up getting charged with a penalty. In addition to this, your retirement would be jeopardized if you have to draw a substantial sum from your investment and savings accounts.
3. Sell Your Home to a Cash Buyer
If you have equity in your home, one of the best options to sell your home quickly and avoid foreclosure is working with a cash buyer. Cash buyers are able to close quickly with no contingencies, offering you a stress-free way to pay back your lender. You also would get immediate savings in not having to pay a realtor commission when you sell. You would also avoid dealing with the headaches of having to show your home to buyers or stage it for listing photos.
Besides, you would not need to worry about finding a second job, spending less time with your family or having to jeopardize your hard-earned retirement savings. The process of selling a property to a cash buyer is straightforward, and you can expect to get the money within just a few days. Therefore, you would be able to put the foreclosure behind you and start anew.
Blue Crest Property Group
When it comes to selling your CT house for fast cash, consider BlueCrest Property Group, one of the top home buyers in CT. If you wish to learn more, please visit https://www.bluecrestpropertygroup.com/