When you fall behind on your mortgage payments, your first thought might revolve around how you can get out from the ownership of your house. Owning it is no longer financially lucrative to you. It is more of a drain on your money than an asset.
Rather than short sell it through a real estate agent who will only take more of your money, you can get the most cash out of it as possible by selling it to a direct buyer. A company that advertises “We Buy Houses in Massachusetts“ could give you the most money for your home so that you can pay off most or all of your mortgage.
The Appeal of Direct Cash
The idea of selling to a business that promotes “We Buy Houses in Massachusetts” can be especially appealing during times of financial difficulties. You know that you would get money upfront for the sale of your home. You can walk away from its ownership and sign the title over to someone else.
You also know that you could pocket most or all of the money if you plan on filing a Chapter 7 or 13 bankruptcy and having the mortgage reorganized or written off. You could pocket the cash and use it to find a new place to live.
You could not walk away with that much money if you were to hire a real estate agent, however. The agent would pocket a fair sum for his or her time and expenses. You would lose as much as 30 percent of the money that you did receive.
Selling your home for cash can be an appealing idea if you need money now. You can use it to pay off some or all of what you owe to the mortgage company. You also can use it to find new housing.
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