Finding yourself facing new financial circumstances that are beyond your control? Do not bury your head in the sand! If foreclosure is looming on the horizon, you will want to take quick action in order to avoid the long term damage that this legal process can cause, both financially and emotionally. There are steps you can take to bypass foreclosure, we will go over 3 things you can do if you can’t make your mortgage payments in New Hampshire.
Depending on the condition of your property, renting in order to at least cover your payments is one of the things you can do if you can’t make mortgage payments in New Hampshire. While this will mean moving to a new location with lower expenses out of necessity, it does also mean that the location is likely to be less appealing than your current home. You should be aware that as the landlord, you will still be responsible for any maintenance issues or unexpected repairs, so you will need to be able to build this into the rental fee, while still competing with the going rates in New Hampshire for comparable rentals. Another problem with renting the home is that there is no assurance of how quickly you’ll be able to find someone suitable to rent to. Given that you’ll also be carrying the expenses of living in another residence, working out a successful rental contract under time and financial constraints can be extremely stressful, to say the least.
Work With the Lender
Working together with the lender on a refinancing plan suited to meet both of your needs is another thing you can do if you can’t make mortgage payments in New Hampshire. You will need to advocate for yourself in this matter, as it may take convincing your lender that you are dedicated to doing everything within your power to uphold your financial responsibility. Reach out to your lender should you come to realize that your budget has new limits that cannot manage the current mortgage payments. By taking the first step, your lender can work with you to see if refinancing is an option for your specific financial picture. Another option to consider approaching your lender with a short sale. You’ll want to be aware, with the option of a short sale, you could end up owing the difference of what your home is sold for and the amount remaining on your mortgage note, which is known as a deficiency judgment. If the lender can not work an arrangement out with you, based on your situation, there are other programs you may wish to explore with the federal government. Naturally, this process will involve meeting certain qualifying criteria.
Selling your property on your own, rather than opting for a short sale, is another option you can take if you can’t make your mortgage payments in New Hampshire. While you could list your home with an agent, or sell the property as for sale by owner (FSBO), there are three main issues with these options, when facing foreclosure. The first being time, there are no guarantees on when the sale will take place. Secondly, there is absolutely no promise that your home will actually ever sell on either market. And last, but hardly least, are the expenses involved when listing with an agent or as an FSBO, you will need to have the funds available to cover all of the associated costs. Unless your home is brand new, there will likely be repairs needed. Consider also the inspections, appraisals, and any possible expenses for unknown issues discovered in the inspection. you will also have to cover the costs of marketing in either case. Should you have chosen to work with a real estate agent, you will also have the additional expenses of paying their high commission and all the traditional associated fees involved in the transaction. you will want to keep in touch with your lender, letting them know the action plan you have chosen. As with any relationship, communication is the key to success, you will want to remain in close contact and keep them posted on all of the steps you take along the way. Understandably, they will be looking for actions from you that result in a quick resolution. For this reason, you may wish to consider the time and money-saving benefits of a direct sale of your property, which more often than not, takes place as an “as is” transaction.
Ready to resolve the financial strain you are under, avoid all of the headaches and costs of listing your home, and be assured of a sale, in a very short amount of time? The best thing you can do if you can’t make mortgage payments in New Hampshire is to sell it to Stonebranch Properties directly! Learn more about how we can help you by sending us a message or giving us a call at (603) 932-5740 today.