If you’re struggling to keep up with mortgage payments and have equity in your home, a traditional home sale may be a practical way to avoid foreclosure and satisfy your mortgage balance.
Having equity means your home’s market value is greater than the amount you owe on your mortgage.
In this case, you can sell the property and use the sale proceeds to pay off the remaining loan balance.
Bonus: If the sale price exceeds what you owe, you may be able to use the extra funds to pay off other debts or put toward your next home.
Note: If your home’s value is less than the amount owed, a short sale or Deed in Lieu of Foreclosure may be more appropriate options.
How It Works
To begin, follow the traditional home sale process, starting with finding a reputable local real estate agent who can help you list and sell your home at a competitive price.
If you’re currently unemployed, there are several resources available to help you navigate this period and find new employment opportunities.
The Federal-State Unemployment Insurance Program provides financial support to individuals who meet their state’s eligibility requirements.
Visit CareerOneStop.org to:
♦ Learn about your state’s unemployment benefit criteria
♦ Get assistance with the application process
Job Search and Career Support
CareerOneStop, sponsored by the U.S. Department of Labor, also offers tools to help you get back into the workforce, including:
♦ Self-assessment tests
♦ Skills training resources
♦ Job search tools
♦ Interview preparation tips
♦ And more