How to Get a Buyer to Take Over Mortgage Payments
You may currently be in a situation where you need to immediately get out of your house or mortgage. If you're going through a divorce, new job, bankruptcy, foreclosure, or probate, you'll need to get creative and look for alternatives to a traditional house sale. One possible solution is to get a local home buyer in Wichita, Kansas, to take over your mortgage payments.
Whereas selling your house the traditional way can take up to six months to finalize, transferring ownership and letting someone else take over the mortgage payments can happen in only a few days. You simply sell your house fast for cash to a home buyer, sign the paperwork at closing, and walk away without any strings attached. It's simple, easy, and costs you nothing.
How to Transfer a Mortgage to a Local Home Buyer
How do you transfer a mortgage to another buyer? The process is simple. When you sell a house, or one of the owners moves out, it might make sense to transfer the mortgage to the new owner. Instead of applying for a new loan, paying closing costs, and starting over with higher interest charges, the owner would just take over the current payments. It is possible to transfer a mortgage, but it's not always easy.
However, before you transfer the mortgage payments, you need to make sure you have an assumable mortgage. An assumable mortgage is an existing loan held by a seller that a new borrower can take over. A homebuyer would simply take on the seller's existing mortgage commitment instead of applying for a new loan to purchase the property.
Today, most mortgages are not assumable because they contain a "due on sale" clause that requires you to pay off the loan if you transfer the property to another owner. This clause may keep you from transferring the payments to the buyer. However, if you work with a local buyer or investor, they may arrange a deal with the bank to take on the mortgage under different terms.
What If the Buyer Doesn't Qualify?
One of the biggest challenges you will face as a seller is finding a buyer who qualifies for a mortgage under the loan's exact terms. For example, you may have qualified for a $250,000, 30-year mortgage at 5% interest. If so, you will need to find a buyer that qualifies for that same type of loan. That narrows your buyers significantly, making it more difficult for you to sell your house fast.
One type of buyer that can qualify for a mortgage similar to yours is a local home buyer or investor. A local home buyer in Wichita, Kansas, has established a reputation with multiple lenders in the area. They have completed numerous transactions, giving them good credit with some flexibility. A buyer may even be able to transfer your loan from your lender to theirs under workable terms. This gets you out of your house and your mortgage more quickly.
Request Your Fair Cash Offer:
Learn How to Sell Your House for Cash in Three Easy Steps
Step 1: Contact Us: (316) 202-4249Call us today and tell us about your property. We'll schedule a quick walkthrough of your house. No need to renovate or prepare your home.
Step 2: Get a Cash OfferIf we are interested in buying your property, we'll make a fair, no-obligation cash offer. We make most offers within 24 to 48 hours.
Step 3: We Pay Cash for Your HouseIf you accept our offer, then you schedule a closing date that is convenient for you. We pay all closing costs and put cash in your hands in as little as seven days after closing.
Consider Your Options When Behind on Your PaymentsOnce you get behind on your mortgage payments, it is almost impossible to catch back up. Lenders realize this and provide options for you to settle your late payments. However, a few of them work in your favor. What are your options?
In a mortgage forbearance, you can get your payments reduced for a specified time until your financial situation improves. However, the interest still accrues, and you still owe back the difference later.
Loan Modification or Refinance
If you can prove hardship, then the mortgage lender may work with you to refinance or restructure your loan. However, refinancing may not reduce your payment that much. Also, the interest can hurt you on the back end.
List Your House
If you are several payments behind and risk losing your house, you may be able to sell it. However, you may spend thousands of dollars in realtor commissions, marketing costs, renovations, and closing costs. Plus, you are not guaranteed when you will sell the house or find a buyer before foreclosure.
Sell Your House for CashThe best option is to sell your house for cash. You can relieve yourself of the hassle of mortgage payments, avoid foreclosure, and avoid selling costs. A local house buyer can assess the property and make a cash offer just below your property's market value. They can take over mortgage payments so that you can walk away free and clear.
Sell Your House for Cash in Wichita, Kansas
If you are getting behind on your mortgage payments and considering selling your house, then contact Blue Sky Properties. We can take over mortgage payments and help you sell your house fast. Call (316) 202-4249 to get a fast cash offer. Sell your house for cash in Wichita, Kansas.