Mortgage Defaults On The Rise. Don’t Lose Your Equity!
For the first time in 12 years we are seeing a rise in mortgage defaults. Some attribute this rise in defaults to dwindling hours on the job and lower incomes. Workers are getting fewer hours and lower hourly wages as market competition is on the rise across many industries. In some industries we see demand among hourly workers for higher wages force companies to cut jobs or shorten hours to avoid overtime pay. We see increased market competition place downward pressure on wages in order to remain competitive or even solvent as a company.
It is human nature to wait or delay action when faced with job loss on lower income. Many hope things will turn around and when they don’t they lose the luxury of time. Banks and lenders in general will often begin the foreclosure process after just a few months of missed payments. This can add additional fees to what homeowners owe in addition to their existing mortgage. As a home owner, it is not in your best interest to wait. You must take action. If you purchased a home within the last 10 years, there is a good chance that you have considerable equity in your home. If your home is foreclosed on, you lose all that equity in addition to taking a considerable credit hit. Foreclosure can prevent you from getting another loan for a house for up to seven years. That’s a lot of rent money and missed opportunity.
If you are facing foreclosure, it’s in your best interest to take action today. Banks and lenders are not on your side and will be working tirelessly to mitigate their losses. That means repossessing your house.
It’s not yet time to panic. You have many options available to you when you need to sell your Indianapolis house fast. You can work with a realtor and list your house on the open market or you can call a real estate investor like Ittenbach Capital, LLC. A lot of your decision will be based on the overall condition of your house and the amount of time you have. If you need to sell your house fast in Indianapolis and you don’t have any time, then working with a real estate investor may be your best option. Real estate investors will pay cash for your house and will purchase your house in Indianapolis in as-is condition. Real estate investors prefer to buy houses that need a little TLC. Download our free guide “Working With A Professional Real Estate Investor” and discover what you need to know to be successful. If your house is in move-in ready condition and you have more time to spare, then you may want to consider working with a real estate broker. Our agents at Ittenbach Realty will be more than happy to work with you to get your house sold and for top dollar.
Regardless of which direction you decide to go in, don’t waste time thinking your situation will improve. Remember time isn’t on your side. Take action today. Give us a call and let us explore which option is best suited to your unique needs.
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