Having issues with your mortgage may seem like the end of the world, but there is hope. Despite what the bank may be telling you about foreclosing on your home and taking it, you have a few options to help you out. Whether you want to sell or share your burden, there is an option for everyone.
At Favor Home Solutions, we take over mortgage payments in Chattanooga so you don’t have to take on the burden alone. With our options for helping you out, we are certain that you can be back on your feet in no time. Reach out to us at 423-509-8686 to hear how we can help and get talking about our next steps together. While waiting, let’s look at how to get help when upside down on your mortgage.
Understanding your mortgage
Before freaking out and thinking your future is ruined, relax and take a step back before getting worried. Just because you owe more than your house is worth does not mean that your only option is to foreclose and call it a day. Understanding that your situation is not a death sentence for your credit or future will allow you to remain calm and take the right steps. To help guide you in making the right steps, let’s look at some of the options when facing an upside-down mortgage and find which one is best for you.
What are my options?
Adjust the Mortgage
Since your house is now worth less than what you owe in payments, it can be very hard to change your payments. Any bank will be very hesitant to allow you to change your terms or move to another loan because that would mean they will lose money. However, you can also try and get a loan from another party to try and help you pay off your house. While this option may sound nice, it only applies to rare cases and can be tricky to navigate.
Have someone take over your mortgage
If you are worried about your credit score facing serious damage as the result of an upside-down mortgage, having someone take it over could be your savior. At Favor Home Solutions, we take over mortgage payments in Chattanooga so that you can get back on your feet without any hassle. When we wake over the payments for your home, we prevent the bank from foreclosing on your home and ruining your credit. While the other options have some positive aspects, this is one of the few options that allows you to get out without damaging your credit score. We want to help you and your family get past a mortgage payment so that you don’t have a bad credit history looming over your head.
Sell the house
If you don’t think any other option will work for you, then you can always try and sell your house. While you can work with a real estate agent to try and short sell your house, you will likely be losing a good deal of money and have a negative impact on your overall credit score. If you work with Favor Home Solutions, we buy houses for cash and will buy your house in any condition for a good price.
With an upside-down mortgage being an unpleasant situation, you want to try and get out of it as soon as you can. Thankfully, there are many options and even a few that will have no impact on your credit score. If you work with Favor Home Solutions, we can find the best solution for you and get your mortgage sorted in no time.