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How to get out of a mortgage you can’t afford
Life can be very hard at times, and nobody can anticipate when a hardship falls. During a tough time, keeping up with your mortgage payments can be a challenge. Whether you lost your job, became medically ill, or have debt that never seems to stop piling up, a mortgage can seem impossible to pay at the time. Fortunately for you, Turn Key Real Estate Services is here to tell you no matter how bad your delinquency is, there are options.
Refinance your mortgage
Mortgage rates change so quickly, so never underestimate the ability to refinance your home. Doing this allows you to lower your monthly payments and save you a lot of money in the rate you’re currently paying compared to the higher rate you originally got approved for. Even though refinancing is a pretty clear process, it’s important for you to take advantage of this before you start missing payments.
What is refinancing exactly? Refinancing is taking out a new mortgage loan at a lower rate and using that money from your original loan to pay off your current mortgage. When you go through this process, it’s the same steps you went through when you applied for your current one. After you submit your application your mortgage lender will evaluate your credit, income, and debt; then if everything gets approved you will have a new lower rate and payment at your disposal.
Ask for a short sale
A short sale is when a lender allows you to sell your house for less than you owe on your mortgage. It’s mostly used as an alternative to settling for a foreclosure on your home. Your lender will keep the sale proceeds, but in some cases you can receive money back as well for relocation. A short sale option can be a better option if you’re not too far behind on your payments since your credit will take less of a hit than it would with foreclosure. If the lender agrees to the short sale there’s a good chance you will get some liability for the deficiency, which makes up the huge difference between the actual sale price and the amount owed.
Get a reverse mortgage
A reverse mortgage lets homeowners above the age of 62 draw a lump sum or monthly payments that goes against their home equity. The benefit of this is that you don’t have to pay it back and as long as you live in your home, you normally get the money tax free.
Be a landlord
If you’re not interested in selling your home but are looking to recover the value you have lost, you can turn around a nice profit by moving into a cheaper house and renting out the rooms in your old one for the price of covering your mortgage payments that include taxes and insurance. Although this process can be very stressful you will have several write-offs when it’s tax time. Your mortgage interest, depreciation, property taxes, repairs, and operating expenses are all deductible.