When you originally closed on your home sale, your mortgage payments may have seemed manageable, given your income situation at the time. But, as time goes on and life conditions fluctuate, it’s possible that the mortgage payments have become too expensive. Whether you incurred serious medical expenses, or are not earning the same income, this is actually quite common. While there are several options you have as a Long Island homeowner, selling your home for cash is generally ideal. Read on to learn more.


1. Sell Your Home for Cash

While this solution may seem too easy to be true, selling your home for cash is the ideal way to get out of a mortgage crisis.

When your lender has been accosting you for mortgage payments, there is usually no end in sight. Unless you are expecting increased income or reduced expenses, your mortgage difficulties will continue. Rather than drag out these proceedings, selling your home for cash is the ends the mortgage on your own terms.

At Atlantic Shores Home Buyers, we operate on the policy that all homes can have value. Regardless of the home’s condition or location, we will purchase your home for cash. You may receive a slightly lower amount from a professional home buyer than a realtor, but you’ll save money in other ways. When you sell your home to a realtor, you need to pay a commission. You are also forcing yourself to pay additional taxes, utilities bills, and other costs of having a home. Additionally, if your home has structural, mold, or electrical issues, you’ll have to finance expensive repairs. Selling your home for cash means that you can part with the home as soon as you are ready. By selling to a cash buyer, you can deftly avoid all of the standard pesky fees — like realtor costs — and save.

After receiving your cash, you can then pay off your mortgage payments with ease. Rather than spending the next several years slowly paying your mortgage off, you can have the peace of mind that it’s taken care of.


2. Set Up a Meeting with a Mortgage Lender

Failing to make full mortgage payments for one or two months is not the end of the world. After all, these expensive living costs (which are especially demanding on Long Island) often require a large chunk of your paycheck. But, when this persists, it’s important to recognize that there is an issue. Rather than denying it outright, addressing it with the mortgage lender demonstrates that you are serious.

There are several possibilities about how this could end. The lender might present alternative payment plans, which would require more payments, generally at a higher rate. Or, the lender might push the principal toward the end of the loan, and offset how the bills are paid. But, at the end of the day, neither of these options will succeed in ultimately saving you any money. If the lender would prefer to receive monthly income, they might negotiate your rates altogether. More often than not, though, this will not be the case. Selling your home for cash is likely a cheaper choice.


3. Receive Government Assistance

Depending on how your loan is classified, there may be other options for addressing a mortgage payment issue. Homeowners with an FHA loan might be able to enter a program through the National Servicing Center. People that have standard loans can deal with the Department of Housing and Urban Development. Veterans may receive additional assistance through the Department of Veteran Affairs.

These resources may remove a minute amount of debt. However, it’s important to remember that this may only help you delay the inevitable. At a certain point, you will be required to make these payments, regardless of how the loan is constructed. So, if you are running out of money after retirement, you’ll eventually have to relocate. You’ll also continue to have the same problem if you own a second property out of state, or through inheritance. Instead, selling your home for cash is a more reliable choice, with guaranteed funding for new accommodations.


4. Avoid Foreclosure Scams

In the real estate world, it’s easy to present a scam as a life-saving option. People understand that your financial well-being is important, and will attempt to lure you into a false sense of security.

People billing themselves as foreclosure specialists might promise you a quick fix. In order to do so, though, they’ll require a fee– and it will likely be hefty. And, in almost all cases, the services they will offer tend to be fairly simple. There are very few avenues that a “foreclosure specialist” can go down that you, as a homeowner, cannot. This method usually ends poorly for unaware homeowners, losing lots of money, and potentially the home. Selling your home for cash is a better way to conserve your funding than hiring a foreclosure specialist.


Tips From Atlantic Shores Home Buyers

The team at Atlantic Shores Home Buyers is prepared to purchase any home on the same day that we present an offer. After examining your home and determining the value, we will make you an offer. Then, you can take the time you need to relocate, or sell the home immediately — the choice is yours. By selling to a cash buyer, you can progress your life in the right direction immediately.