Having trouble paying your mortgage during COVID? 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 ends. Nationally, an average of 1 in 10 homeowners are behind on their payments. These homeowners are living daily fearing the possibility of foreclosure and eviction. 2021 may find you among the mass of homeowners with properties they need to sell, that are sure to be flooding the market in the next several months. You can be 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 Long Island, the time to act is now. You may find 2021 beginning with the ruination of your credit, the loss of any equity you’ve built in your property, and being forced to move. Without extreme measures ahead of the important deadlines, your lender communicates to you, your chance to pull out of the nosedive will come and go, beyond your control. When you’re considering your option, 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.
Investing to Exit
If you’re having trouble paying your Long Island mortgage during COVID, traditional home sales mean an outlay of up to thousands to present your home on the market. Unless your property is brand new or in superb condition, you will need to complete repairs on blatant issues, and possible renovations and upgrades to appliances or electrical systems, such as air conditioning. Additional expenditures will also be required, going towards the advertising efforts necessary to make your home stand out. A real estate agent would also likely include a staging strategy at your expense as well. Not only will you be facing all of these expenses, but you will also have to pay commissions and closing costs out of the profit, if any, from your sale. When you’re already struggling to stay afloat, these costs may be impossible for you to afford. 2021 may look much brighter for you by making the decision to sell to an experienced professional buyer, you will know their offer will be for the house as is, and there won’t be any of these deductions from the price you’re offered.
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 such an easy job. After struggling for months to survive financially, during a global pandemic. 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 cells, such as in traditional listings, you have no guarantee of if or even when your home will sell. Not only this, 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 faint hope 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 and relationships 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 Long Island 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 CoMax Properties. To learn more about us and what we can do for you, send us a message or give us a call today at (516) 704-7025!