Feeling overwhelmed by your current financial predicament that was out of your hands? Don’t just ignore the issue! Act with haste and take preventive measures to stay away from foreclosure’s devastating effects on both our finances and emotions. Do not let this legal process leave long-term damage in its wake. There are steps you can take to bypass foreclosure, we will go over 3 things you can do if you can’t make your mortgage payments in Clarksville, TN.
Turn Your House Into a Rental
If you are unable to make your mortgage payments in Clarksville, one possible solution is to rent out the property and use that income as a way to cover those costs. While it may come at the cost of relocating somewhere with lower expenses, this spot likely won’t be near as appealing as where you currently reside. As the landlord, you are accountable for any maintenance or unexpected repairs that may arise. So you should factor this into your rental fee while still competing with Clarksville’s average rates for comparable rentals. Beyond the issue of renting out your home, there is also no guarantee how quickly you’ll be able to find someone suitable. The financial burden of having two residences combined with a time crunch can make coming up with an effective lease agreement incredibly difficult and exceptionally stressful.
Work With the Lender
If you find yourself in a situation where mortgage payments are struggling to be made in Clarksville, communicating and collaborating with your lender on a refinancing plan that benefits both of you is another option. It’s important to remember that advocating for yourself is key here. Make sure the lender understands how committed you are to keeping up with all financial obligations.If your financial situation has changed and you can no longer keep up with your mortgage payments, don’t hesitate to contact your lender. The sooner you start the conversation, the faster they can help determine if refinancing is a viable solution for you. Taking that first step will enable both of you to review the specifics of how refinancing could benefit your budget and make those payments more manageable. Another option to consider approaching your lender with a short sale. If you choose a short sale, there is always the potential to owe the remaining balance of your mortgage note after sales. This is known as deficiency judgment and could prove burdensome if not arranged otherwise. Fortunately, many federal government programs are available for those eligible who cannot make other arrangements with their lenders. To qualify for these options, specific criteria must be met, so please research any applicable eligibility requirements prior to applying!
Selling
Instead of going through the arduous process of a short sale, you can list your property in Clarksville as For Sale By Owner (FSBO) or with an agent. Although these strategies may seem to be natural solutions for avoiding foreclosure, there are three drawbacks that need to be considered before taking this step. The first being time, with no guarantee of when the sale will occur, it’s important to stay vigilant and keep checking back for your chance to take advantage of this incredible offer! Secondly, despite your best efforts, there is no guarantee that either market will lead to the successful sale of your home. Finally, it’s important to note that if you choose to list your home with an agent or as a FSBO, you need to be prepared for the costs associated with such methods. It is crucial to have enough money set aside in order to cover any and all expenses. Whether your home is new or not, repairs may be necessary. Inspections and appraisals come with their own fees, as well as any potential expenses uncovered during the inspection process. You must also factor in marketing costs; if you hired a real estate agent for assistance, then add their hefty commission along with all traditional transaction-related fees into your budget too. Communication is paramount in any relationship, and that applies to the one you have with your lender. Keep them up-to-date on your progress; make sure they understand what steps you are taking to reach a resolution as soon as possible. Your lender will be counting on tangible results from you, so timely updates are essential for success. Therefore, you should strongly consider the financial and temporal advantages of a direct sale of your property. Generally, this transaction occurs “as is”.Tired of living under financial distress and wanting to avoid the time-consuming process and costs associated with selling your home? We can provide you with a guaranteed sale in an expedient manner. The best thing you can do if you can’t make mortgage payments in Clarksville is to sell it to Integrity House Buyers directly! Learn more about how we can help you by sending us a message or giving us a call at 931-213-6951 today.