Can I sell my house if I am behind in my mortgage payments?

In case you are behind on your mortgage payments and do not see the conditions getting better anytime soon, your only way out of this would be to sell your home. If you are wondering ‘sell my house fast Dayton’ even in such a situation, the answer to this is, yes. You can sell your home even if you are behind in your mortgage payments provided your lender has not foreclosed on your home yet.

The process of foreclosure sets is when you start missing out on your mortgage payments. It starts as soon as you miss one instalment and after about 120 days you will be in receipt of a legal notice stating, your property will get reclaimed and when you will be required to vacate it.

To look at the bright side, you have until the very day when the foreclosure takes place to be able to sell the house on your own.

Behind in your mortgage payments?- you can still sell house fast Dayton OH

Many people are not aware of whether they can sell their home if they are behind on their mortgage payments. In case you are in such a situation, you can still sell your home but you should know exactly what this means and what it entails with respect to the money that is made in the sale.

First of all, the fees and payments that are due will still apply even if you decide to sell the house. All the payments that were missed still need to be paid by you along with any penalties that are associated with them.

Is it possible to short-sell my house?

One alternative that you may want to keep in mind when you are trying to sell your house that is behind in mortgage payments, is to short-sell it. However, in order do go ahead with this, you will first need the approval of the lender. While in certain cases they give a go-ahead, in several cases they do not, especially if you are not far behind on their payments. What they usually try to do is get you back on track with your payments.

In case you are able to do a short sale, it does not necessarily mean that you will be able to sell the house quickly. However, it does attract a lot of buyers to show interest in your property for the lucrative rates which are much lower than the asking rate in the rest of the market.

Besides this, you should be aware that going through a short sale can also have certain repercussions, especially on your credit report. You must bear in mind that most lenders will not agree to go ahead with the foreclosure procedures until you are at least 90-120 days behind.

A good alternative in such a situation is to look for a buyer who buys houses fast and without hassle or sell to a cash home buying company.

Sell house fast in Dayton OH

We buy houses Dayton Ohio and if you are behind on payments and need to sell your house, we can help you.

We are a professional house buying company that buys houses in any condition or any situation in Dayton. We pay cash for homes, which makes the complete process simple and quick.

Contact us to know more!