4 Things to do if You Are Upside-Down on Your Mortgage in Alabama

It may be that you overpaid for a property in a bidding war during or around 2021 when the market was super hot, you’ve fallen behind on mortgage payments, property values have dipped, or repairs need to be made to your home, being upside-down on your mortgage or owing more than the current market value is a difficult situation to find yourself in as a homeowner. If circumstances force you to sell your house due to foreclosure instead of waiting out a market turnaround for property values to rise, you may feel stressed and backed into a corner. Understandably you don’t want to make a costly misstep when faced with this dilemma, and you certainly don’t want to lose money so exploring your options is always a good start when realizing you could be upside-down on your mortgage. 

With so many decisions and options for this sort of situation with being upside-down on your mortgage, being fully informed and weighing the benefits of each option will help you feel confident and less stressed in the action you take. Please read on as we explore four things you can do if you find yourself upside-down on your mortgage in Alabama.

Assess Your Situation

A good first step to take if you find yourself upside-down on your mortgage in Alabama is to get a realistic picture of where you stand in terms of exactly what is owed to the bank and what the house is worth. You can do this by contacting your lender for the exact payoff amount owed on the mortgage and by also scheduling a licensed appraiser to evaluation your house so that you’ll know exactly how much it’s worth. Now that you have the exact payoff amount of your loan and the exact amount your house is worth you can easily assess the amount of deficit you are facing or the severity of the problem on your hands with being upside-down on your mortgage.

Professional cash buyers like us at North Alabama House Buyer want you to make an educated decision about your future. If you contact us, we’ll compare what you could earn from listing the traditional with with an agent vs. our offer to buy your house directly, as-is, for cash. You can skip the preparing, updating, fixing, cleaning, and repairs if you opt to go with our offer for your house. At North Alabama House Buyer, we provide all the details used to calculate our offer because we want you to agree it is a fair offer and feel good about working with us long after the house is closed.

Short Sale

Another option you have available if you find yourself upside-down on your mortgage in Alabama is do a short sale. While a short sale has some consequences to your credit record, they are less sever when compared to the impact of filing for bankruptcy or having a foreclosure processed on you. North Alabama House Buyer is experienced at buying houses via a short sale and would be happy to help you with this if this is the option you opt to go with if you find yourself upside-down on your mortgage.

Pay the Difference

Another thing you can do if you’re upside-down on your mortgage in Alabama is sell the property and bring the amount owed to the closing table to pay off the remainder of the mortgage. This is a viable option so long you have the available funds to foot the difference between what you sell the property for and what is owed on it. Selling your house directly to North Alabama House Buyer will enable you to get a fair value for your house and you won’t have to pay any hefty real estate commissions or fees. At North Alabama House Buyer, we operate with total transparency and communicate everything with you thoroughly to ensure all of your questions are answered and you feel good about the transaction. At North Alabama House Buyer, there are no hidden fees, and we cover all closing costs. Our home buying company can provide you with a fast and professional closing and provide you your cash on the day you select for the closing.

Sell to North Alabama House Buyer

North Alabama House Buyer could be a great option for you if you are upside-down on your mortgage and need to sell. We can assist no matter the timeline you need to sell in. You choose the closing date and we make it happen. We are local and professional home buyers that have a custom solution just for you even if you find yourself in an upside down situation on your house. If you would like to lean more about selling your upside down house to a trusted and local home buying company, we would love to be a resource to you! You can contact us through our website or by (256) 824-9181.

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