In Missouri, getting out of an upside down position in your mortgage is not as easy as submerging deeply underwater. Of course, keeping the loan is your initial instinct, but it’s hard to still maintain it if the damage is too big to fix. And despite the rising house prices, property appreciation may not be enough to get you out of the woods.
You may have a few options to get out of the financial hole, but a short sale is one of the most advantageous of them all. You must propose this process to your lender, and if they realize that absorbing some losses is better than going through the hassles of foreclosure, then you might have an agreement.
Although it effectively renders everything you pay for it worthless, FasterHouse and other property experts say that a short sale might be the most sensible move at this point for you.
Reducing the Amount of Debt You Have to Shoulder
A short sale effective erases the debt you have on the property. The sooner you can find a buyer, the faster you can get your upside down mortgage out of your life. Instead of attracting aspiring homeowners, you should consider selling it to an investor to speed up the sales process. Cash buyers with ads that say “We Buy Houses” and are willing to purchase properties as is, which eliminates the burden of fixing damages and touching up every corner just to get a reasonable offer.
Producing No Impact on Your Credit Score
A short sale guarantees that you wouldn’t see a foreclosure on your credit history, which likewise forces you to lose the house. It’s all about damage control at this point. No matter how you much you regret your years’ worth of repayments, it’s sometimes better to look forward and save your credit from further ruining by your being underwater.
Moving on with Your Life Quickly
Again, a short sale offers the shortest route to peace of mind. You may have to go back to renting, but it likewise allows you to have a fresh start and get back in a stable financial state. All the mistakes you’ve made in your underwater mortgage would give you valuable lessons the next time you buy a house.
You should seek all the assistance you could get to fast-track the short sale process. Speaking with an experienced real estate agent could help you every step of the way, thus making the procedure a breeze.