How to Sell Your Naperville or Aurora Home Even if You are Behind on Your Mortgage

Have you fallen behind on your mortgage payments? This may be an emotionally and financially trying moment for you and your family. Recognize that you are not alone; a large number of families are experiencing similar difficulties. Continue reading to learn how to sell your Naperville home even if you owe money on it.

Don’t wait any longer.

If you are currently in this situation, don’t wait to sell your property, especially if your lender has begun indicating that foreclosure is imminent. If you are behind on your mortgage, now is the time to sell your Naperville home. Talk to your lender and let them know what measures you’re doing; keeping lines of communication open can help you avoid making mistakes while you work to fix your concerns. Failure to act might result in lengthy foreclosure proceedings. Don’t deceive yourself into thinking that this implies you’re out of debt to the lender. In many circumstances, there are deficiency judgments, which mean that after the lender receives the foreclosure sale profits, the lender is still legally obligated any remaining debt on your mortgage note.

Find the Right Solution

There are a number of potential solutions to help you sell your Naperville house if you are behind on your mortgage. The most common solution is a short sale. In a short sale, the property is sold for less than the amount owed on the mortgage. This option is available to homeowners who are behind on their mortgage payments and who have exhausted all other avenues to resolve the issue, such as loan modification or a forbearance agreement.

The short sale process can be complicated and time-consuming. You will need to work with your lender to obtain a letter of approval for the short sale before you can list your home. Your lender will also need to agree to forgive the remaining debt on the mortgage after the sale.

If a short sale is not possible or if you do not want to sell your home, you may be able to negotiate a deed in lieu of foreclosure. In a deed in lieu of foreclosure, you transfer the property to the lender in exchange for the lender forgiving the remaining debt on the mortgage. Both a short sale and deed in lieu of foreclosure can have a negative impact on your credit score. However, a deed in lieu of foreclosure will have a more severe impact than a short sale.

Sell to a Professional Home Buyer Naperville and Aurora

If you are unable to sell your Naperville house through a short sale or deed in lieu of foreclosure, you may want to consider selling to a professional home buyer in Naperville and Aurora. A professional home buyer will buy your home for cash in Aurora and Naperville, which can help you avoid foreclosure and the negative impact on your credit score. Professional home buyers are experienced in dealing with situations such as these and can help you through the entire process. They will work with you to get the best price for your home and will help you to avoid any legal complications. If you are behind on your mortgage, now is the time to sell your Naperville house. Contact a professional home buyer to learn more about your options.