Tuesday, January 18, 2011

Three Ways to Dispose a Home Fast

Losing a home is sometimes more important that keeping it. This is usually the case when someone has to relocate for a job or for other opportunities. But it is as difficult to dispose a home as to buy it. It can take months before a home can get sold. But for the quickest way to get rid of a house, here are three great tips:

Deed-in-Lieu

This is a type of foreclosure that doesn’t have to go through the bloodbath of foreclosure processes. What homeowners do is simply give up the home loan to the lender itself. This is advantageous for the homeowner as he can skip the home loan quickly. For the lender, they don’t have to stand with the fact that a delinquent debtor lives in their property. They can simply take control of the house immediately and sell to others. However, deed-in-lieu is a bit tricky to achieve. Some lenders may not agree to this so a good dialogue between parties is key.


Deliberate Default

Although a homeowner can afford to pay for the mortgage, he can’t simply ignore to pay it every month. In time, he will get evicted. But this will not happen quickly. Eviction usually comes months after the default time limit. So for homeowners who want to go this way, they can skip payment months or even years prior. At the time when they need to leave the house, they’ll have money set aside from those months they refused to pay.

But this strategy is not a happy ending. It ultimately leads to a shattered credit history, a dust-biting credit rating, tax consequences, and difficulty in getting another home personal loan, even in another state. This is because late payments, arrears and defaults affect credit scoring intensively. The score may be fixable within months but the record of his delinquency takes years to erase. Eventually he may have to suffice with secured personal loans in his new location.


Giving It as a Gift

This may be an improbable idea for the average-earner people but it happens all the time. Well-off homeowners usually just give their homes away to families. For instance, grandparents give their ancestral homes to children or grandchildren. Parents may also give their vacation homes as inheritance to their off springs. These givers may not get money in return but the fact that the home can still be used by their own blood is more than gratifying.

Author: Jessica   

 

 

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