More and more foreclosures are happening as the economy slows down. This is why people with mortgages are doing what they can to avoid foreclosure. Excessive debt, adjustable-rate and exotic mortgages, insufficient emergency funds, a lack of insurance, and purchasing a home you cannot afford can all lead to foreclosure.
But if you’re in the middle of a foreclosure and wondering, “Can I sell my house fast in Pittsburgh?” – you’ve come to the right place. Below, we list four simple ways to avoid foreclosure and save your Pittsburgh home:
1. Consider A Short Sale
A short sale is when the proceeds from the sale of your home are less than the balance of the mortgage. In a short sale, your lender agrees to accept the proceeds as full payment. This is an excellent alternative to foreclosure and can help you sell your house fast in Pittsburgh. By pursuing this method, you avoid the stigma associated with foreclosure.
2. Seek Mortgage Modification From The Lender
Mortgage modifications include reducing your interest rate, extending the loan term, or reducing the principal amount. If you are eligible for a modification, speak to your lender and explain why you should get an adjustment. Modifications can be costly, but this may be the best option for you and your family.
3. Pay the Mortgage With a Loan
In this situation, you get a loan from another lender to pay off your original mortgage. You may need to get a loan from a credit union or a lender specializing in mortgage refinancing. Exploring options like a home equity line of credit would be best. This can be risky, but it may be the best solution if your lender is not budging.
4. Consider Selling Your Home For Cash
Cash home buyers in Pittsburgh specialize in buying houses that are facing foreclosure. These buyers will make a fair offer, and if you accept it, they’ll close quickly. Even if a looming foreclosure makes your home less valuable, you will still get a fair offer from a cash buyer. You can avoid all the legal hassles and lengthy court battles by simply selling your house as is and for cash.
Avoiding foreclosure is at the top of mind for many homeowners in Pittsburgh right now, and doing so is not always easy. But there are many things homeowners can do to avoid a foreclosure.
In the end, if you have to sell a house fast in Pittsburgh, you should ensure things are quick and straightforward. That’s why you should sell for cash. We buy houses in Pittsburgh and surrounding areas for cash, regardless of condition or location. Please fill out this short form, and our team will contact you to discuss your situation.