2020 has been a difficult year for many. Job loss. Temporary shutdowns. Loss of businesses. COVID-19. What should I do?
Assess your current situation. Will be you able to get caught up? Are you so far behind you are losing hope? Here are some ideas to help you:
1. Mortgage forbearance. This will work for some BUT beware your lender MAY require that all past due payments are due in one lump sum at the end of your forbearance period.
2. Seek private lenders. Your wealthy aunt. Your friend from church. If they have money sitting in the bank earning almost nothing a 4% interest loan may be attractive to them.
3. Rent out spare rooms. Sites such as VRBO and others showcase your rooms or house for rent. Keep it clean, neat, organized, and inviting and your renters may leave valuable feedback incresing your chances for other renters. This can be a quick source of much needed cash.
4. Sell. If you were considering selling before the pandemic, it may be time to put that into action. Seek out a good agent to help evaluate your home. However, if there are time constraints, a quick sale to us may solve that problem.
5. Bankruptcy. That is always an option, however, you should consult not only with a bankruptcy attorney but also a financial advisor. Bankruptcy will have an affect on your credit score.
6. Sell and stay. That is one option some have used with our company. We purchase the house, put money in the sellers pocket, and they then rent from us. Not only does that solve the past due payments issue, it also makes us responsible for all repairs and maintenance.
We purchased the house below three days before the foreclosure sale. In fact, we purchased if from a licensed real estate agent that chose us to solve their problem. Please fill in the form on our site or give us a call at 239-200-5600 and give us the opportunity to help you.
