Is Your Reno Mortgage Underwater? Here’s What to Do About It

Is Your Reno Mortgage Underwater? Here's What to Do About It

If you’re not sure what it means for your home to be underwater, it is when the amount you owe on the mortgage loan is more than the property’s current market value. So, of course, it’s best to ride out the changing real estate market and stay in the home for several years to allow equity to build. However, many motivating factors lead homeowners to sell, such as moving long distances to be nearer to family, a sudden job relocation, or difficulty making payments. In addition to the typical stresses of life, selling your home can be extremely stressful, expensive, and time-consuming, and if you are needing to sell in a hurry this makes your stress level increases tenfold. It may also be the largest financial transaction of your life, and naturally, you want to make the best deal possible, despite your circumstances. 

Understandably, sellers feel overwhelmed when faced with an underwater mortgage; however, when you understand your choices, you can move forward and confidently make decisions. A few options are available if you’re facing difficulty making payments. If you should find yourself with a Reno mortgage underwater, this article may just be what you’re looking for, so read on as we explore what you can do about it and hopefully by the end you have the information you need to make an educated decision about your home.

Lender Options

One option for those with a Reno mortgage underwater is to discuss the options your lender can provide. Talk with them about options such as a loan modification, short sale, or submitting a deed in lieu of foreclosure. It’s best to enter any of these processes with your eyes wide open to the realities of what a lender will require of you, rather than bury your head in the sand and hope it all blows over. In addition, you should understand how your efforts will affect the outcome and the negative consequences, including the effect on your credit score and why you should avoid foreclosure if at all possible. Companies that buy houses may be one of those contacts you reach out to first to help find a solution. People like those at Envy Property Solutions, LLC, can help you understand your options and weigh the pros and cons of each course of action. At Envy Property Solutions, LLC, our local home buyers work with a policy of total transparency because we want what is best for the seller; we’re proud of our work helping Reno sellers deal with problems selling their houses. And if we can’t get you to what you need, we’ll point you in the right direction of someone that can help your situation.

Direct Sale

Or, if you have a Reno mortgage underwater, you could directly sell the property and avoid the hassles of negotiating with your lender, the paperwork, and jumping through hoops to meet deadlines and satisfy the lender. With a direct sale, you also avoid spending any cash out of pocket to do the prep work, make repairs or pay for costly marketing expenses and real estate commissions. People who buy houses in the Reno area like those at Envy Property Solutions, LLC buy homes in as-is condition and take on all the risks. At Envy Property Solutions, LLC, our reputable home buyers never charge commissions and any hidden fees that you’ll be blindsided by at closing. You won’t even pay closing costs because of our full-service in-house team of industry specialists at Envy Property Solutions, LLC. Our team of local pros allows us to work quickly and efficiently and provide Reno sellers just like you with an underwater mortgage with a guaranteed closing date, often within a week. If that is too quick, just let us know what date works best for you and we’ll work with you about selecting the best day for your move.

A direct sale to one of our trusted cash buyers at Envy Property Solutions, LLC may just be the best way to sell if you have an underwater mortgage in Reno or the surrounding area. We make selling directly easy for sellers at Envy Property Solutions, LLC. We provide straightforward and simple-to-read contracts that aren’t marked up with legalese, and a no-obligation cash offer you’ll agree is fair. At Envy Property Solutions, LLC, we’re your neighbors who live and work alongside you here in the Reno area, and we want you to feel good about working with us long after closing. Because at the end of the day, we want you to have the best solution for your situation even if we’re not it. That is why the team of home buyers at Envy Property Solutions, LLC will talk to you with no obligation and allow you to compare what you would profit from each option and decide what works best, given your current personal and financial situation. Call Envy Property Solutions, LLC at (775) 391-5236 and see what solution we can find you, together.

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