There are a number of reasons why people fall behind on their mortgage payments on their South Carolina home. And while many manage to catch up on their payments, there are those considering other options to avoid foreclosure. So, when it comes to your home in Anderson, what can you do when you’re behind your mortgage payments?
One option you might be considering is to sell your home and pay off the rest of your loan with the proceeds of the sale. But is it possible? Yes, it can, but under certain circumstances. Here’s what you should know.
Selling Your Property Before Foreclosure Notice
Before your lender sends you a notice of foreclosure, there’s a timeframe where you can still sell your home.
When you miss your first payment, what happens next will depend on your lenders. You may be given a grace period, while other lenders charge a late penalty on top of your missed mortgage payment. If you miss multiple payments, your lender may try to contact you and offer to renegotiate your loan if you’re having difficulty paying. After 120 days and multiple missed mortgage payments, however, your lender has the right to file a foreclosure notice. Once the foreclosure is finalized by the courts, you will be forced to vacate the property and the lender can sell the property to recoup their losses.
You can sell your property before you’re served your notice of foreclosure. That means you have around 120 days to sell after you miss a mortgage payment and want to consider selling your home. If you sell during this time, you can sell without the lender’s approval.
Short Sales
After receiving your notice of foreclosure and before the courts finalize the foreclosure, if you still want to sell your property, you will need your lender’s approval. If they approve, you will then sell your property in what’s known as a short sale. During the sale, you will have to sell your home for lower than your outstanding loan, and all the proceeds go to your lender.
The benefit of a short sale is that there’s a chance you can clear your debt. However, if there’s an outstanding loan balance, it’s up to your lender if you will have to pay the remaining debt or if they can forgive the remaining debt. Because of this uncertainty, it might be better to sell before your notice of foreclosure so that you have more control and flexibility over selling your home.
Downsize Your Living Space By Selling To A Homebuyer!
Selling your property is a good option if the value of your home is greater than your outstanding loan. This means a sale is enough to pay back your lender.However, given that you have roughly 120 days after your first missed payment, and the fact that it takes around 92 days to sell a house in South Carolina, this leaves you with a really short amount of time before your lender forecloses on your property. This means you have to sell your house fast, and the fastest way to do this is with Sell My House Fast – GSAP.
We buy houses in Anderson, SC and other cities in South Carolina. While the average home listed on the real estate market takes 57 days to receive an offer and 35 days to close, we can provide an offer in 24 hours or less after viewing your property and close the sale in as little as 14 days. We understand the importance of selling your home for situations like these, and on top of selling your home fast, you’ll receive a fair cash offer, no hidden fees, and no closing costs – maximizing your earnings and allowing you to pay off your loan.
Want To Learn More?
If you’re interested in selling your home to pay off your missed mortgage payments and the rest of your loan, it is possible to do so. However, you have to sell your home before your lender takes steps to foreclose your home, leaving you with a small window to sell. Your best option is to sell your home fast through a professional homebuyer.
Sell My House Fast – Greenville, Spartanburg, Anderson, Pickles understands the difficult situation you’re in, and we’re here to help.
Contact us today to schedule a home viewing and receive a fair cash offer within the next 24 hours or less.
