Having Trouble Paying Your Mortgage During COVID? What 2021 May Look Like For You in Dallas Fort Worth

Having Trouble Paying Your Mortgage During COVID_ What 2021 May Look Like For You

Having trouble paying your mortgage during COVID?  You’re not alone.  It’s estimated that 400,000 homeowners who qualified for government-backed mortgage forbearance programs did not take advantage of the benefits and are already behind on their mortgages. As the new year approaches, the moratorium on government-backed mortgages will come to an end. Nationally, an average of 1 in 10 homeowners are behind on their mortgage payments. These homeowners are living daily will the fear of a possible foreclosure and eviction.  In 2021, many homeowners will have properties that need to be sold to avoid foreclosure, and those properties could be flooding the market in the next several months. You can get ahead of the crowd by selling to a professional buyer before that stage is reached. 

Time Waits for No One

If you’re among those who’ve faced a dramatic change in financial circumstances from the pandemic or other events and having trouble paying your mortgage during COVID in Dallas Fort Worth, the time to act is now.  If you’re faced with foreclosure, you may find 2021 beginning with severe damage to your credit, the loss of any equity you’ve built in your property, and being forced to move quickly.  At Dallas’ Best Home Buyers, we want you to be able to make choices and maintain control over your situation – preserving your credit and your equity.  Once your lender starts the foreclosure process, your chance to pull out of the nosedive can come and go quickly, beyond your control.  When you’re considering your options, it’s important to consider the advantages of selling to a professional buyer now, with none of the last-minute surprises of inexperienced buyers who often end up failing to close. Unlike traditional listings, you’ll have a guaranteed sale, a closing date you can rely on to avoid foreclosure while saving your credit and financial future. 

The Costs Of Selling

If you’re having trouble paying your mortgage during COVID, deciding on a traditional home sale with a realtor can mean an outlay of thousands of dollars to get your home ready to list on the market. Unless your property is brand new or in superb condition, you will need to complete repairs on obvious issues, and consider renovations and upgrades to make sure that your house is attractive to more buyers and has a chance to sell quickly.  Additional expenditures will also be required for realtor commissions, closing costs, and fees – which all come out of the potential profit from a sale.  If you’re already struggling to stay afloat, these costs may be tough for you to afford.  You can remove some of the uncertainty and stress by making the decision to sell to an experienced professional buyer.  Professional home buyers will buy the house “as-is”, meaning that you don’t have to make any repairs or updates.  Additionally, you won’t have to pay realtor commissions and most home buyers will cover the closing costs, which means you have no additional expenses deducted from the profit of your sale.  

Distress

While it’s easy to quote statistics and gather data to clearly indicate the exact costs of going through all of the steps of foreclosure, calculating the emotional toll isn’t quite as easy.  Life during the pandemic has brought forth turbulence in society, which can be very unsettling. On top of this, knowing that the bank is contacting you about going into foreclosure can lead to many sleepless nights. Owning a home is a big piece of the American dream, and to see it lost can be heartbreaking in and of itself. Listing your home in a traditional method, either with a real estate agent or selling it by owner, means an entirely new source of stress. With an open-ended method of sales, such as in traditional listings, you have no guarantee of when (or if) your home will sell.  Additionally, your life is constantly interrupted by showings and you must live at all times as if a photographer for a magazine is on the way. There is also the uncertainty that you feel with every buyer that walks through the home, praying that this is the one that will solve your problems and give you financial relief.  This type of pressure can affect every member of a family, not only at home but at work and in every other aspect of your life, which can be devastating. If you’re having trouble paying your mortgage during COVID, why not consider selling now to a professional buyer? Avoid all of the sleepless nights and headaches with other selling options, otherwise, 2021 may bring not only financial disaster but emotional exhaustion for you and those you love.

Having trouble paying your mortgage during COVID? Without decisive action, you may lose your house in 2021 — why not avoid those impending foreclosure deadlines, spending more money just to sell the house, and lingering trauma to your family from the process, sell now instead to Dallas' Best Home Buyers. To learn more about us and what we can do for you, send us a message or give us a call today at (972) 309-9500!

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