Get Out From Under A Mortgage

Need some help on how to How to Get Out From Under A Mortage in San Diego? Trusted House Buyers is a market leader in buying local homes fast for cash, and our Company’s President gives you some options to consider if you’re faced with this situation.

Video Transcription:

Hi, there! I’m Brian Mollo, President of Trusted House Buyers.   The moment you sign for your mortgage is the moment you enter into a solid, long-term commitment. There are times when this agreement might outlast the home or even a homeowner. It’s pretty ironclad.

To sell a house and get out from under a mortgage it requires specific planning and of course, approval from the lender.

We’re in a house today in San Diego that is banked owned, where the homeowner failed to satisfy their payment obligations. So aside from selling the house for less than it is worth and paying the difference to the bank here are six ways to get out from under a mortgage.

#1. Strategic default: Some underwater homeowners just stop making payments, move away, and mail the keys back to the bank. In some cases though, if homeowners advise the bank that they wish to abandon the property, maybe you can settle with a deed in lieu and return the property to the lender in a better way, which would be the second option.

Get Out From Under A Mortgage#2:  Deeding your property to the lender in exchange for being forgiven the entire amount of the mortgage is called a deed in lieu of foreclosure. The lender then sells the property and recoups a portion of the unpaid mortgage.

#3 Foreclosure: When the bank does not get paid, they may file foreclosure on the homeowner, who will be forced to leave the house. Foreclosure victims are often left with great uncertainty in their future. And if they haven’t been paying their mortgage because they are also out of work, they may have difficulty finding another living situation. As you can imagine, having a foreclosure on your credit report isn’t helpful.

#4 Short sale: A homeowner can ask the bank to accept less than the loan’s balance through a short sale. This doesn’t happen today nearly as much as it did a few years back. This is still damaging to credit but allows the owner more control over the sale. Sometimes with a short sale, the bank may try to hold the borrower liable for the difference between the mortgage value and the sale price.

#5 Rent the house out: Those temporarily in bad circumstances can rent out their home and live elsewhere until they can afford to live in the house again. This approach works well in areas where rental property is in high demand and rents are substantial. If you are considering this option, check with your insurance company and accountant prior to moving forward on this scenario.

#6 Sell to a company that buys houses: There are legitimate companies in business in your area that buy homes to fix up and sell. This can be a fast way to eliminate your mortgage obligation. You receive a discounted amount for the house, but pay NO money out of pocket to sell it. This means no real estate fees and no renovation costs normally associated with preparing a home for showings. Since the process can be completed in a week or less, selling your home to a company allows you to beat a foreclosure filing, resolve an estate, or get rid of the asset quickly and get any remaining money.

The reality is, when you owe on a mortgage, you must settle with the bank in some way to get out from under a mortgage. It should be your goal should be to sell your house in the way that costs the least, in cash AND in time!

Are you ready to sell a home fast in San Diego County To Get Out From Under A Mortgage? Call us today at 619-786-0973.

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