Mortgage Forbearance vs. Selling: Which is the Right Option?

Mortgage Forbearance vs Selling

The real estate industry has countless terms and terminologies. And it is not easy to grasp them all, especially if you have no experience in the field. So, always seek assistance from professionals if you are unsure about what to do with your property. 

At Detroit Cash For Homes, we have directed numerous homeowners to the right path. Also, we buy houses in Clawson fast and at a fair offer, which ensures hassle-free selling. Recently, we have received this query from several clients: Which is a better option, mortgage forbearance or selling?

There is no right or wrong answer. The choice depends on your situation. If you are currently behind on mortgage, there are two options you may consider to stop foreclosure. These are:

  • Mortgage forbearance 
  • Selling your house fast for cash 

If you cannot decide which is the suitable option for you, here is a guide. Our professional team can help you choose the best match – mortgage forbearance or to sell a house fast for cash in Clawson, MI. Let us dive deeper into both options. 

  • Mortgage forbearance vs. selling a home 

First of all, these solutions come into the picture if you have continuously missed your mortgage payments. 

Mortgage forbearance is a plan in which leaders temporarily halt payments or allow borrowers to pay less than they owe. It is an excellent solution for homeowners behind on their mortgage – provided the hardships they are facing are only short-term. 

When it comes to forbearance, you will still pay mortgage payments. The monthly installment will be either lower or paused for the time being. As a result, you can avoid running into foreclosure. Also, it will not affect your credit score. 

If your problems are not temporary, forbearance is not an ideal option. It means you should consider another option – to sell a house fast for cash in Clawson. If you are already behind on mortgage payments, you should sell your property to estate buyers like Detroit Cash For Homes. The traditional route is time-consuming and expensive. In many cases, people lose their properties while attempting to get better offers. 

  • Sell your house as-is 

At Detroit Cash For Homes, we buy houses in Clawson as-is. This means that you are not responsible for cleaning, repairs, and renovations. If your house needs any work, we have got your back. Moreover, you will keep the full cash offer because we never ask for commissions, closing costs, and other fees. On average, we close the deal within seven days. Hence, you can use the money to clear your debts and make a down payment for a new home. 

In closing 

If you wish to keep your house, mortgage forbearance is the best option. But the hardships that are preventing you from making your mortgage payments should not last longer than expected. On the other hand, giving away your home can be your solution. If so, then sell your house in Clawson without any delays. The more you delay, the higher your chances are of facing foreclosure. 

If you are searching “how to sell my house in Clawson,” contact Detroit Cash For Homes. We offer a fast, affordable, and stress-free home sale.