Should You Sell Your House to Get Out of Debt?
In a financial bind, some people sell their house to get out of debt. Whether your own a second home, plan to sell your house and rent instead, or are considering downsizing, making the decision to sell your house to pay off debts may not easy. But, neither is struggling with high interest rates and steadily increasing debts.
When Can Selling a House to Pay Off Debts be a Smart Decision
In some cases, selling a house to get out of debt can be the best decision for your situation. For instance, if:
- You can’t afford your mortgage payments and refinancing is not an option. You may be behind on payments and facing foreclosure, or the payments are so high that you would save money each month by renting.
- You need to pay off debts and could easily downsize. Buying a smaller, more affordable home makes more sense for your current situation.
- You own or inherited a second home. You’re deeply in debt and need immediate relief. You don’t want to deal with tenants, so selling the second home is an easy, smart decision.
- You are behind on property taxes and HOA fees, or they are simply too high. With your debts continuing to grow, you’re unable to get ahead. You could lose your property.
- You’re living paycheck to paycheck and your income is less than what you owe each month. Paying off debts with high interest rates would increase your cash flow, enabling you to save money while renting. Once your finances improve, you could consider buying another home.
- You’re in a financial bind and have no other alternative. You need to sell the house fast, pay off some debts, and improve your financial situation.
I’m Behind on Payments. Can I Sell My House to Avoid Foreclosure?
Yes, you can. Your time to sell is limited, but you do have options. If your home hasn’t reached foreclosure yet, you can try selling it for enough cash pay off what is owed, including late fees and other penalties in addition to what you still owe the lender. Read about how to stop foreclosure.
I Need to Sell My House to Get Out of Debt, But It Needs Repairs I Can’t Afford
Let Big State Home Buyers help.
- We can make a cash offer on your house “As-Is”, without you spending any money for repairs.
- Need a cash advance to pay for moving or other expenses? Tell us.
- Don’t worry about cleaning or hauling away junk. We take care of it for you.
- Selling a house with a lien? We have experts who work to quickly resolve such issues.
- Our experts work to ensure a free title with no obstacles to a quick sell.
How Fast Can I Sell My House?
If you want to sell your house as fast as possible for cash, you could get an offer within 24 hours, close as quickly as a few days and receive payment the same day. If the house has a lien, title issues or other issues, the process could take a little longer.
We work on a case-by-case basis, so how fast you can sell your house will depend on your situation (liens, title issues, etc.). However, even when we must overcome obstacles, in most cases clients sell their houses a lot faster than they could on the open market. We can provide more information after you contact us.
I’m Ready to Sell. What Do I Need to Do?
Contact us and tell us about your situation. Once you do, we will start working to help you find the best solution for your situation. We make selling a home fast, easy and worry-free.
