The Truth of the Matter
“Foreclosure” is the word that every homeowner wants to avoid, and it makes sense why. Foreclosures can destroy your credit score, making it extremely difficult to find a decent place to live next. They can also be stressful, expensive, and turn your entire life upside-down.
Foreclosure is so dreaded by homeowners that it becomes easy for misconceptions about them to prevail. For example, lots of homeowners don’t know that foreclosures actually take months to come to fruition. Whether you’ve already received a notice of foreclosure or are trying your hardest to avoid getting one, the most important thing to know is that you won’t be kicked out of your home overnight.
The second most important thing to know is that, until the day when the foreclosure is finalized (usually between one and three months after your first notice), the property is yours to do with as you please–and yes, that includes selling it.
Selling Over Foreclosing
Selling your mobile home is a great way to avoid foreclosure–and, depending on how long you’ve had the home and how much you still owe on it, it could even mean walking away with some cash to spare. There’s no denying that it’s a sellers market. With a high demand for homes in the Tampa Bay area and an extremely limited supply, homeowners who are still on the fence about selling their property should definitely consider doing it.
You might be wondering: what if I owe too much money on my mobile home? What if I barely break even, if that? That’s where a short sale could come in handy. A short sale is an agreement that you can come into with your lender: basically, it means that you pay off your mortgage for a lower amount than what you originally owed, in full. This can be appealing to lenders, because it means that they’re receiving one large lump sum of money instead of hundreds of smaller payments over time. If you haven’t already, give your lender a call and see if you can negotiate a short sale.
How to Sell
The next question, naturally, is how do you sell your home? If you’re having trouble keeping up with payments on your mobile home and are worried about foreclosure, listing the home on the market is likely not a good fit. That’s because the average home sale in Florida takes about three months, which can be longer than your foreclosure proceedings.
Instead, we highly recommend selling the home for cash. A cash sale with a reliable buyer allows you to get a solid offer on your house in as little as one day. That means that you can pay off your mortgage, settle your debts, and find a new place within the week, all without having to worry about a foreclosure destroying your credit. If you’re worried about how you’re going to pay off your mortgage or just don’t want to have that kind of pressure hanging over your head, a cash sale with a trustworthy buyer is a fantastic way to go.
