Finding a way to keep or get out from under a Fort Wayne home you can no longer afford can be a stressful and difficult process. Educating yourself on all the options available to you will help you make your decision.
Do you want to get rid of the home completely or try to hang on and wait it out?
These six tips are only a handful of the options that may be available to you and your Fort Wayne home.
If you are unable to sell your Fort Wayne home right away or just aren’t quite ready to give up, you can try renting it out.
This option can help create a steady income that allows you to make your mortgage payments a little easier and rebuild some of the equity at the same time.
It’s okay to ask for help from outside sources for what direction to go next.
If you aren’t sure what your Fort Wayne home is really worth you can call us today to see learn more about your options. We specialize in helping distressed homeowners get out of bad situations.
When trying to sell your Fort Wayne home, you don’t have to spend a fortune to make it look better to potential buyers; updating small things here and there can add to the home’s charm.
For example, try adding a new coat of paint to the living room or replacing the cabinet doors in the kitchen to bring new life to your home.
Look into the options that your bank may offer to keep your Fort Wayne home out of foreclosure. Many banks offer a Cash for Keys program, where they will pay you to move out and hand over the keys.
You can also look into completing a deed in lieu with the bank that will allow you to cleanly walk away from the Fort Wayne home. If you offer to work with the bank early on and have already demonstrated that you are struggling with your mortgage you might be surprised the options available to you.
It may be worth looking into self-financing the sale of your Fort Wayne home, but be cautioned: this comes with different risks.
You can offer your potential buyers a contract for deed that may allow for a quicker sale because this option appeals to buyers that might not have been able to get a traditional loan.
However, keep in mind that this means they also have a higher risk of default, which means that everything reverts back to you.
Take a step back and truly look at your situation. Do you have to sell your Fort Wayne home right away or can you wait it out?
You fell in love with the home once, so isn’t it possible that the feeling is still there when you step back and reassess?
If your debt is lower than 8 percent try holding on to see if the market stabilizes more or if the home appreciates it might be worth sticking around.
You are never truly stuck with a Fort Wayne home, as long as you know your options. Take the time to research as many options as you have before you make any hasty decisions.
An escape plan is only effective if you don’t panic and know where all the doors are located. To help you work through the process, call our team today.