Is a Cash Sale an Option if You’re Behind on House Payments?

chofhine • Oct 07, 2022
Is a Cash Sale an Option if You’re Behind on House Payments?

If you’ve fallen behind on mortgage payments, you may be thinking about selling your home to avoid foreclosure. The traditional way of listing your home on the market and waiting for an offer could take months. Selling to a cash home buying company may be a faster option for you.

Foreclosure Proceedings

If your payment is late, your mortgage company will allow a grace period for you to catch up. But if you missed a payment, you’re in default, and the lender can begin foreclosure proceedings. You won’t be kicked out of your home immediately, however.

Laws vary slightly from state to state, but generally, you will have 120 days to resolve your debt. That gives you a short window to come up with the money you owe. If you’re going to sell your home, you have to do it quickly.

The Short Sale

When you owe more money on your house than you expect to receive by selling it, you might have to arrange a short sale. This means your lender will accept the full amount you receive from the sale of your house to settle your mortgage, even if it falls short. Your lender must approve a short sale before you can go ahead with it.

During a short sale, you need to work closely with your lender to follow regulations and complete paperwork. A short sale won’t hurt your credit score as badly as a foreclosure, and it’s often the best way out of financial difficulties.

The Cash Sale Process

Selling to a cash home buying company is much faster than a traditional sale. The cash sale is a direct transaction between you and the company. You just contact the company, and you will receive a cash offer on your home within 24 hours.

Because the cash buyer doesn’t need to get financing, you can close quickly, often within a week or two. You won’t have to pay commission since no sales agents are employed. 

Facing foreclosure is frightening, but you can work with your lender to resolve the problem. Selling your home to a cash buying company might be an option for you. A fast sale can relieve you of the debt and allow you to move on.

Need to sell your Utah home quickly to avoid foreclosure? See how others have benefited by selling their home for cash.

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