You may find that you must sell your house even though the home values are down and you have lost most or all of the equity you built over the years. When you must sell under those circumstances it may be best to do so quickly and move on.

Carrollton TX – House selling tips: You planned to stay in your current home for several more years since the real estate bubble has burst and property values are way down. It wouldn’t make sense for you to sell before the values begin to rise again and you are able to regain some of the valuable equity you lost in the last few years. What do you do, though, now that you have lost one of your sources of family income and can no longer afford to keep the house?

It wouldn’t make sense for you to sell before the values begin to rise again and you are able to regain some of the valuable equity you lost in the last few years. What do you do, though, now that you have lost one of your sources of family income and can no longer afford to keep the house?

If there’s no real chance that you can see when it comes to being hired by a similar company at a similar salary, you won’t be able to keep up with the current mortgage payments. You may be able to find a job, but it will certainly pay much less than what you were making before the company downsized and eliminated your position.

There are a few options for you to take when this is the case. You can try to sell the house in the traditional fashion, but that can take as long as a year or two in the current market conditions. You can try to refinance your mortgage and keep the house. Refinance criteria has tightened up lately and it is difficult to do, especially if you lack a decent paying job. You can try to apply for the government HAMP program, which was designed to assist homeowners in keeping their homes by reducing the mortgage payments due every month. That program is ever changing and has not been as successful as originally planned. Many homeowners who have applied are turned down in the final stages of decision due to a high balance of money owed against the income needed to complete the mortgage payoff.

  • You can try to sell the house in the traditional fashion, but that can take as long as a year or two in the current market conditions.
  • You can try to refinance your mortgage and keep the house.
  • The most practical, and potentially painless, way to solve this problem is to sell your house to a real estate investor.  

The most practical, and potentially painless, way to solve this problem is to sell your house to a real estate investor. Though you won’t be staying in your home in most cases, you will at least be able to sell it quickly, pay off the remaining mortgage, and then buy a less expensive house or rent one for much less than your mortgage payment. The quality of life in your new income bracket can reduce your stress load as trying to make expensive mortgage payments that are beyond your new income level is an ongoing strain on your budget. Sell the house, save your credit, and be free to move on with your life.