The timing is what will determine your credit after you’ve sold your current house. If there’s no financial issue or late bills yet, it’s the best time to sell. Don’t wait too long and get behind on your payments.
Texas House Buyers – Grapevine TX: If this is the first time you’ve owned a home and the first time you’ve sold one, too, you may questions about where you will stand once the dust settles. Many people are somewhat vague on the question of their credit worthiness after they sell their house, especially if they are selling to avoid a bankruptcy or foreclosure.
The answer lies in the timing of your sale. If you suspect that you will not be able to keep up your current bills and get your mortgage paid on time and you sell your house, the chances are very good that your credit will not suffer. In fact, if you head the trouble off at the pass and sell before you start missing payments, you shouldn’t have any trouble in the future at all. It is a wise decision that many are reluctant to make. Your home is your sanctuary and understandably has sentimental value to you and your family. When the practical side of you realizes that the house is too expensive under your current income situation, you can sell and keep your credit intact.
If you suspect that you will not be able to keep up your current bills and get your mortgage paid on time and you sell your house, the chances are very good that your credit will not suffer
This is a wonderful time to do so. There are so many other houses on the market for you to choose from that will possibly be much less costly than the one you currently live in and may have just as many square feet and similar features. The only thing it may not have is the expensive monthly mortgage payments. As long as you have not damaged your credit since you took out your original mortgage, you should have no trouble buying a different house for less money.
If you wait until you have lost a job or incurred expensive medical bills or college tuition, though, that stretches your budget every which way from Sunday, the tendency is to start paying for common items with credit cards. This could get you into grave trouble financially and ruin your credit. You can still sell your house to an investor at this point as they can get the deal done quickly and before you get into real trouble with the lender.
The timing is everything when it comes to selling your house to improve or maintain your good credit rating. Waiting until the lender has to come and get the house from you is not a good option if you want to save your credit. Try to think ahead and do what is needed at the optimum time.