Options for “Under Water” Homeowners

Options for “Under Water” Homeowners

Options for “Under Water” Homeowners

COVID-19 has taken a financial toll on many Americans. If you are one of the millions of homeowners struggling to pay your mortgage or taxes on your property, there are several things you should know. You do have options and companies like ZVestors have experience helping homeowners in this specific situation.

What Does It Mean to be “Under Water”?

When a homeowner owes more on the property than that property is worth, it is sometimes called being “under water.” It is a frustrating a stressful position with limited solutions, but there are ways to get out from under the debt – whether taxes or mortgage payments are at issue.

If you need to sell your home to avoid foreclosure, you owe outstanding taxes you cannot pay, or your financial situation makes paying your mortgage near impossible, you can negotiate with your lender for a payment adjustment or refinancing deal, use a short sale to pay off your mortgage and get out from under the debt, or allow the bank to foreclose on your property.

Negotiate with Your Lender

Most financial institutions made new payment options for their clients during this past pandemic year. Call and ask your lender what plans may work for you. You may need to provide documentation of a job loss or proof of financial hardship. Some lenders will allow a deferment of payments so you can stay in your home.

The Biden Administration Extended COVID-19 Forbearance and Foreclosure Protections for homeowners in February 2021.

This action was created to:

  • Extend the foreclosure moratorium for homeowners through June 30, 2021;
  • Extend the mortgage payment forbearance enrollment window until June 30, 2021, for borrowers who wish to request forbearance;
  • Provide up to six months of additional mortgage payment forbearance, in three-month increments, for borrowers who entered forbearance on or before June 30, 2020.

Short Sale

It may sound like a Wall Street term, but short sales happen every day in the US housing market. A short sale is a cost-free way to eliminate your mortgage debt and avoid foreclosure. In a short sale, the mortgage is more than the home is currently worth so the owner may accept an offer from a buyer to keep themselves out of foreclosure. ZVestors offer short sales in certain circumstances.

Short sales with ZVestors are simple. After agreeing to the offer, ZVestors will pay cash for your home, pay your moving costs, and even help donate items you no longer need. Your mortgage will be paid off, and you will walk away without the negative marks on your credit caused by foreclosure.

Foreclosure

When you cannot pay your mortgage, your home can be foreclosed on. This means that the bank takes the house and sells it. You lose all the equity you’ve built up over years of house payments, and they get the value of your home sale and have a foreclosure on your credit < https://www.bankrate.com/glossary/d/distressed-property/>.

Foreclosure is the last resort for any homeowner. Because it will dramatically impact your credit for years to come, it should only undertaken if there is no way to make payments due to a catastrophic situation. If you stop making payments on your house and walk away, the bank will foreclose, taking the property into their possession for resale. They often sell the house at a big discount, so they don’t really want to foreclose. They would much rather make a deal with you or a short seller.

Call ZVestors

ZVestors specializes in “Under Water” Properties. Often before a home is foreclosed upon, ZVestors can make a cash offer and purchase your home, even if it is considered a distressed property. Closing takes place in just a couple of weeks and there are no fees. ZVestors can even pay for your move, taking all the stress out of the transaction.

The buying agents at ZVestors www.ZVestors.net can give you honest, reliable feedback on your home’s value. Call (703 259 0570) or email (info@ZVestors.net) us today. There is no pressure, no listing fee, and our team is happy to build your offer right away for distressed homes in Washington DC, Maryland, and Virginia.

About ZVestors

ZVestors is a real estate investment company that buy houses for cash, as-is. ZVestors will make an offer to buy your house for cash if your property is in the DC metro area, Maryland or Virginia. We are committed to making the process of selling your home simple and straightforward, and our buying agents take building relationships with clients seriously.

The buying agents at ZVestors www.ZVestors.net can give you honest, reliable feedback on your home’s value. Call (703 259 0570) or email (info@ZVestors.net) us today. There is no pressure, no listing fee, and our team is happy to build your offer right away.