If you have fallen behind your mortgage payments and don’t see a solution in the near future, thinking of a way to sell your house fast in Chicago could be an option to consider. However, whether or not this is the best option for you depends on your unique circumstances and mortgage/refinancing history. If the value of your house exceeds the amount you owe on your mortgage, you can sell it and use the proceeds to pay off your lender.
When you sell a home with a mortgage, the escrow company typically obtains a payoff amount from your lender and pays off any outstanding mortgages at closing. This process is also used when you sell a home in Chicago that has fallen behind on payments, with any missed payments, interest, and penalties added to the outstanding mortgage balance owed to the lender.
Missing one mortgage payment won’t lead to foreclosure. But if you miss two consecutive payments, you’ll receive a demand letter. Falling behind on payments for three months or more will result in a foreclosure notice. (According to the Consumer Financial Protection Bureau, after 120 days of missed payments, your mortgage lender can legally take possession of your home and sell it to recoup the balance owed.)
You can still sell your house up until the day of the auction to avoid financial setbacks. So if you’re behind on payments, contact us for a cash offer to buy your home “as is” and stop the foreclosure process. Time is of the essence, so act fast before you run out of time.
When behind on mortgage payments, going into foreclosure happens fast. If you think you need to sell your house to avoid a sale at auction, you are going to need a quick closing. We Buy Houses Fast Chicago can make cash offers soon after our no-obligation home viewings. So we can close quickly, in as little as three weeks or later, on your timeline.