I Can No Longer Afford My Mortgage: What Are My Options?

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When America experienced the financial crisis of 2007 – 2008, the housing market went into a frenzy. The housing bubble popped and real homeowners were scrambling, trying to figure out their next move. Though we like to think of our mortgage as something that is secure and will keep us in our homes until that final payment, unfortunately, nothing is certain.

If you can longer afford your mortgage payment, there are options. Know that you are not alone in your struggle, even if it feels this way. Taking action now can help eliminate any additional financial damage.

Here’s what to do if you can no longer afford your home:

Contact Your Lender Right Away

As soon as you realize you won’t be able to afford your mortgage payment, that’s the time to contact your lender. Inform them of your situation. In some cases, you may be able to apply for a loan modification. Options such as refinancing due to financial hardship are feasible when there is enough evidence to prove you’re going through a serious financial struggle because of a life change such as losing your job or becoming injured.

If you’re unable to secure a modification in your loan, then the next step is to consider selling your home.  

When Selling Your Home is the Best Move

Time is especially critical when you can no longer afford your mortgage. As soon as you miss your first payment, your mortgage lender will begin taking steps for foreclosure. You do NOT want your home to go into foreclosure. If you allow this to happen, you will essentially lose everything. Not only will you be forced out of your home, but you also won’t have the funds to move.

When you have no clear sight in mind of when you’ll be able to afford your next mortgage payment, that’s when selling your home is the best move. Whether you lost your job, are dealing with a serious health condition, or made a bad financial decision, selling your home through a quick sale will allow you to have funds for your next move. Through a short sale, such as selling your home for cash, you’ll be able to have the means necessary to pay for an apartment or other more affordable housing options.  

You’re Not Alone — Help is Available

Although it may feel like your world is caving in, remember that you’re not alone. So many other homeowners have been through what you’re currently going through and although you likely never imagined yourself in this position, you will get through it.

El Paso Cash Home Buyers is here to offer you the highest cash offer possible for your home. Since we base our cash offer on the market value of your home and we will beat any legitimate competitor’s offer, this ensures you will receive the best cash offer around. Connect with us today to learn more. In many cases, we are able to get you cash for your home, in your hands, in as quickly as seven days.    

The Advantages of Cash Home Buyers Compared to Traditional Real Estate Agents

Cash home buyers

Popular online real estate databases like Zillow, Redfin, Realtor, and Trulia have made it feasible for anyone looking to sell their home to do so much more efficiently. Real estate agents rely heavily on online marketing in order to attract more potential buyers. While the tactic to sell homes have improved over the past couple of years, it can still be difficult to sell a home. Many consider other means like placing it for rent or gifting it to a child. Another option that has gained momentum is selling it to a cash home buyer. If you’re considering this route, you may be wondering is it worth it? What are the advantages? As a cash home buyer in El Paso, allow us to explain the main advantages of choosing this viable option.  

Maintain Privacy — No One Will Have to Know You’re Moving

Once you place a ‘For Sale’ sign on your lawn, you can expect your neighbors to take interest in your situation. For better or worse, sharing your need to move can be uncomfortable. A real estate agent’s job is to market your home the best of his or her ability so that will draw more attention to your situation. While you undoubtedly want to sell your home quickly, if you haven’t moved out, it can be extremely overwhelming dealing with the attention. Instead, cash home buyers will view the home at your convenience and make you an offering price without ever having to place a sign on your lawn. If privacy is of a concern for you and your family, you’ll want to consider working with a cash home buyer.

Save Time and Effort

Showing homes to potential buyers can be exhausting. First, you’ll need to prepare the home. This involves making repairs, moving furniture or emptying the home, and sprucing it up so that you can lure in buyers. You might wonder why you’re having to spend so much money on these repairs and visual improvements when you’ll be moving soon. The reality is, if you go the traditional real estate route, it involves more time and effort to sell your home. On the contrary, cash home buyers work fast and offer to buy your home as-is. At El Paso Cash Home Buyers, we often close deals in as little as seven days. You can completely avoid spending time, money, and effort in selling your home by working with us!   

You Can Move On From a Difficult Situation Much Sooner

There’s no telling how soon your home will sell when you go the traditional real estate route. This can be troubling if you’re trying to move on from a difficult situation. But not to worry — when you sell to a cash home buyer, you won’t have to wait much longer to leave your home. El Paso Cash Home Buyers can buy your home as-is and give you enough time to move out. We realize you’re already in a stressful situation, we won’t make it any more complicated!

Contact El Paso Cash Home Buyers Today

Whether you’ve had bad luck in placing your home on the market or need to sell your home fast because you’re relocating to another city, we can help! Believe us when we say you’ll see the benefits of a cash home buyer, right away. Give us a call today to learn more.  

Top 3 Benefits of Selling Your Home As Is

sell my home as is

Selling a home requires effort, persistence, and a healthy market. The odds are not always in a home seller’s favor. Sometimes a home can sit on the market for months on end with little to zero interest. This can be challenging, especially if you’re anticipating a big move or perhaps already find yourself in a new city. You’ll want to consider other options at this point. A realtor may be advising you to make the necessary repairs or lower your asking price. Not having the funds or resources to make renovations in order to appeal to buyers, leaves you with the last resort of dramatically dropping the price but even then, the property may not sell. Consider selling your home as is, instead.

The benefits of selling your home “as is” extend beyond the quick and easy process. Selling your home for a competitive cash offer allows you to move on from a difficult situation, avoid paying for repairs, and there’s no need to pay a realtor a portion of the sale. Let’s explore these benefits further:  

Benefit #1: No Need to Pay for Repairs

If you’ve lived in your home for more than a few years, you know every crack, dent, broken door, and outdated appliance. Like most homeowners, you hoped to fix or update your home but a lack of time and money always got in the way. Now that your home is for sale, potential buyers are examining the home for these potential repairs. You might be thinking, “I wish I could just sell my home as is!” Well, you’re in luck because you can! The benefit of selling your home “as is”, is that there’s no need to make any repairs. Since we buy your home “as is”, you can move out without the stress of hiring a professional cleaner. Leave all the dirty work to us!

Benefit #2: Get Out of a Difficult Situation Faster

Going through a divorce? Relocating to another city? In a difficult situation? No matter the reason you need to sell your home quickly, we’ll help you get out of the situation faster than the traditional real estate process. Most of our home sales close in as little as seven days! So once you agree to sell us your home, you can move on with cash in your hands.

Benefit #3: No Realtor Fees

Realtor fees, closing costs, other hidden fees? You can completely avoid paying any of those! Another major benefit of selling your home as is. The full cash offer we present you for your home as is, is the cash offer you’ll receive. We’ll never request any additional fees and there are absolutely zero hidden costs! In addition to avoiding realtor fees, you avoid the risk of a sale that may fall through. Sometimes buyers back out last minute, leaving you and the realtor with more work to do.    

Sell My House As Is! — Contact El Paso Cash Home Buyers Today

These are only a few of the benefits of selling your home as is, there are many more! At El Paso Cash Home Buyers, we’ll work with you to ensure you’re fully in the loop of the buying/selling process. Our cash offers are competitive and we’ll help you understand the market value of your home. Connect with us today!

Find a Home Buying Company for Your House

Estate agent shaking hands with customer after contract signatureNeeding to sell your home quickly can be difficult in El Paso. Besides listing a home for sale, you also have to go through a waiting period, then possibly negotiate prices. All of this has be done before the home can be transferred, and then you have to worry about closing costs. All told, selling a home can sometime take up to a year or more. You can avoid having to wait so long when you go through a home buying company. El Paso Cash Home Buyers can help you sell your home fast and easily.

Home Buying Company Will Purchase in Any Condition

One of the great things about a home buying company is that they will purchase a home in any condition. This means that you will probably not have to fix up your home in order to get it ready to sell. Any condition is any condition, regardless if the house is in pristine order or missing part of a wall. A home buying company can and often will still make an offer. This can help you unload a property you can no longer manage or maintain, or help you get ready to move cities. For families in the military, you may not have the time needed properly lease or sell a home before deployment. This is where a home buying company can help you. They are not only able to speed up the process, but you also know that you have a guaranteed sale. Unlike advertising and negotiating as a regular sale would do, they will purchase your home quicker, which lets you prepare for deployment faster.  

Get Out of a Bad Situation Quickly

One the many uses of a home buying company is to help people get out a bad situation. No one intends to default on a mortgage, but it is an all too real possibility in today’s economy. Loss of a job, or stable income can be one of the factors that may lead a homeowner down a slippery slope of debt and default. Using a home buying company can help ease the financial burden on a household. Or, perhaps you bought a home only to discover serious plumbing or structure issues. Sometimes it is better to weight the costs and just cut your losses. Knowing that there is someone who buy the home, regardless of its condition can help you get your family out a bad housing situation quickly.  

Contact Us Today

If you find yourself in need of unloading a property quickly, then consider finding a home buying company. El Paso Cash Home Buyers has helped many people in El Paso get out a bad situation or get rid of property they can no longer manage. They have the know-how and cash you need to sell your home quickly.