Can Selling Your House Help You Avoid Bankruptcy?When you file for bankruptcy, you could lose your house, among other assets. The type of bankruptcy you file, how much equity you have in the house, and whether you can afford your mortgage all determine whether you keep your house. If you are not interested in keeping the property, you may be able to sell your house fast and pay off the mortgage or other debts.
By working with a local home buyer in the DMV area, you can sell your house as-is and close on the sale in as little as seven days. You can generate the cash you need to pay off your debt so that you can avoid filing for bankruptcy. This is a better option than listing your house on the market and waiting several months to find a buyer. Plus, you don't have to sink thousands of dollars in repairs, closing costs, and realtor commissions.
You May Not Keep Your House After BankruptcyIf you cannot keep up with your monthly payments on your house, bankruptcy may seem like a logical way to liquidate your debt. However, not all homeowners keep the house after a bankruptcy. Three factors determine whether you can keep your home.
1. Type of Bankruptcy You FileIf you file for Chapter 13 bankruptcy, you are more likely to keep your house due to Chapter 13 exemptions. These exemptions are designed to give you a fresh start and not leave you impoverished. However, you still must pay your mortgage at an adjusted rate. Chapter 7 bankruptcy may wipe out your mortgage, but you are also more likely to lose your house due to stricter regulations.
2. Home EquityIf you have little equity in your home, you are likely to lose in Chapter 7 bankruptcy. You can file Chapter 7 if you have a significant amount of equity in the home above the exemption limit and your mortgage balance is low. The downside is that you may be forced to sell your home to pay off your debt.
3. Whether You Can Afford the MortgageEven if you can keep the house during the bankruptcy process, you may not afford the monthly payments. If so, you may choose to sell your house for cash and consider other options. The lender may work with you to adjust your mortgage payments. However, the interest can increase your loan and delay you from paying off the debt by several years.
Why Selling Your House May Be a Good IdeaThere are several reasons why selling your house during bankruptcy may be a good idea.
- You can generate cash to pay off your mortgage and other debts.
- Selling your house may help you avoid filing for bankruptcy.
- Avoiding bankruptcy can keep your good credit intact.
- Selling your house gives you a fresh start so that you reorganize your finances.
- You may have an opportunity to downsize or get a better home loan in the future.
Benefits of Selling Your House for Cash During BankruptcyIf you try to sell your house the traditional way during bankruptcy, there are no guarantees that you will sell your house, get the asking price you want, or make a profit after paying closing costs, realtor commissions, and repair costs. There are several reasons why selling your house for cash is a better option:
- You pay no closing costs, realtor commissions, or other fees.
- There is no reason to renovate, repair, or prepare your house.
- You can avoid listing or showing your house to potential buyers.
- Choose your closing date without waiting.
- We buy your house as-is ? don't bother cleaning it.
- You work with a local house buyer in the DMV area.
- We make a fair, competitive offer just under your house's market value.
How to Sell Your House Fast in DMV
Step 1: Schedule a Visit with a Local House BuyerThe first step is to pick up the phone and call one of our local house investors in the Alexandria, Virginia area. Simply schedule a quick walkthrough of the property. There is no need to make any renovations, prepare the house to show, or even clean up. We are happy to view the property as-is.
Step 2: Let Us Make a Fast Cash OfferIf we decide we want to move forward with buying the property, we'll make a competitive cash offer based on a percentage of the house's value. We can negotiate a fair cash offer that puts money in your pocket and allows us to make a good investment.
Step 3: We Pay You CashDo you like the offer? Then schedule a closing date that works for you. We show up, sign the papers, and pay all closing costs and fees. You pay nothing. We can pay cash in as little as seven days after closing.
Sell Your House Fast in DMVDo you live in Washington, D.C., Maryland, or Virginia? If so, contact Fortune Homes today. Sell your house fast for cash in the DMV and the surrounding area. We buy houses as-is in any condition. Call 202-918-9600 to schedule a quick, no-obligation visit with one of our local cash home buyers.
Our company purchases property as-is in the following areas:
|Vienna||Washington, D.C.||Arlington County|
|Fairfax County||Loudoun County||Montgomery County|
|Prince George?s County||Prince William County|