As the housing market remains unstable, the question on most people’s mind is, should I sell my home? National home prices are up slightly, giving some hope to struggling homeowners. If your financial situation is such that a foreclosure is likely or you just want to get out of your home because the value has decreased so much that you could potentially be in financial crisis, now may be the time to sell.
If you are at risk of foreclosing on your home, here are some reasons why selling it may benefit you. First, selling your home can allow you to pay off your mortgage before you become delinquent in payments. If there is any money left over, it could be used as a downpayment for a new home. Second, selling your home and avoiding foreclosure may help protect your credit. Having bad credit could affect future financial endeavors you may have. Third, by selling your home, you may have some control as to when you need to leave the premises. The typical time frame for a closing is anywhere from 30 to 60 days.
If selling is not an option and you are trying to avoid foreclosing on your home, read Avoiding Foreclosure.