If you're behind on your mortgage, it can feel like you've run out of options—but being behind on payments doesn't necessarily mean you have to lose your home to foreclosure.
In some situations, selling the home may be an option, particularly if you have enough equity to pay off the mortgage and other costs at closing.
The important thing is not to wait until the situation becomes a crisis.
A few things to consider:
- How much is the home worth?
- How much do you still owe on the mortgage?
- Are there other liens or debts attached to the property?
- How far behind are you on payments?
- Has the lender started foreclosure proceedings?
- How much time do you realistically have to sell?
- Will the sale proceeds be enough to pay everything owed?
If the home is worth less than what you owe, the situation can be more complicated. A short sale may be an option in some circumstances, but that involves lender approval and isn't the same thing as a normal home sale.
One of the biggest mistakes is ignoring the problem because you're hoping things will improve. The more time you have to understand your options, the more choices you may have.
If you're behind on your mortgage, I'd recommend talking with your lender and a qualified real estate professional before making assumptions about what you can or can't do.
I put together a more detailed explanation of what homeowners should know about selling a house when they're behind on mortgage payments, including equity, foreclosure timelines, short sales, and potential options:
https://wellingtonhometeam.com/selling-house-behind-on-mortgage-payments/
If you've dealt with this situation yourself, what do you wish you had known sooner?
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