I Need to Sell My House Fast to Payoff Medical Bills
I Need to Payoff Medical Debt, Should I Sell?
There are instances when it will be challenging to settle your medical bills. Even individuals who have health insurance will sometimes find it hard to pay their medical debts.
Due to the increasing rate of medical bills, some Americans will have to resort to extreme measures to settle their medical fees. In the metroplex, many choose to sell to Dallas Cash Home Buyers.
Medical bills are considered unsecured debts. It means that the medical institution will not have control over your collateral for your debt coverage. Nonetheless, the hospital can file a claim that will force you to sell your property.
Selling Your House to Settle Your Medical Debts
Secured debts are the types of obligations that come with collateral. Auto loans and mortgages are two perfect examples of secured debts.
On the other hand, unsecured debts aren’t associated with collaterals. The creditor will not have the ability to seize ‘collateral’ without pursuing a case in court. The court will then decide if you should sell your property quickly to secure your medical bills.
Are you considering selling your house to liquidate assets? There are instances when the court will put a medical lien on your property. It means that you’re forced to sell your property to cover the unpaid bills you owe to the medical institution.
Due to the increasing cost of medical expenses, the doctors will have to wait until you sell your house before collecting the unsecured debts. In case the amount of unsettled medical bills is less than the amount of your property.
In some instances, the estate property will be insolvent. In the case of this medical lien, the bills, debts, and tax will exceed the market value of your property. It means that you won’t receive anything in return. You will be responsible for the debt and the remaining balance on your medical bills.
Selling Your Home
If you decide to liquidate assets or sell your real estate property to settle the medical bills or other common reasons for selling, cash buyers are the best choice. You will be able to skip the complicated and time-consuming process of selling your house traditionally.
Especially in a slow market, it will help you save much cash. You will no longer have to incur expenses for the marketing of your property. You are not also required to provide a commission to the realtor. You can also sell your property in its existing condition, which means that you will not need to acquire repair and renovation before you close the deal.
As soon as you contact an agency that will connect you with the cash buyers, you will be able to receive a cash offer immediately. Understand that the money you will get in this process is slightly lower than your property’s real market value.
We’ll schedule an appointment to inspect your house. You do not have to submit complicated documents and paperwork to finalize the deal.