Still in Forbearance? Why Now Might Be the Smartest Time to Sell Your House
If you’re a homeowner in Las Vegas, NV, and still in mortgage forbearance, you’re not alone. Thousands of Nevadans accepted forbearance agreements during or after the pandemic to pause or reduce mortgage payments. But what happens when the forbearance period ends?
For many, the choices boil down to: refinance, resume payments with a repayment plan, or sell the property. If resuming payments isn’t financially realistic, selling your house, especially to a cash home buyer, could be the smartest option right now. Here’s why.
What is Mortgage Forbearance?
Forbearance is when your lender agrees to temporarily pause or reduce your mortgage payments due to financial hardship. It’s not forgiveness, the debt is still owed. Once the forbearance period ends, you have to either:
- Repay the missed amount in full
- Spread it out over future payments
- Enter a loan modification
- Refinance
- Or… sell the home
For homeowners who haven’t fully recovered financially, the idea of resuming full payments or paying a lump sum is daunting, especially if you’re dealing with other life challenges like job changes, health issues, or rising expenses.
The Looming End of Forbearance: What You Need to Know
Many lenders are now requiring action as forbearance programs wind down. If you’re still in forbearance, there’s a good chance your lender will soon expect a decision. Delaying could put you at risk of:
- Late fees
- Damaged credit score
- Foreclosure proceedings
If you’re unable to catch up or refinance, selling while you still have control is far better than waiting until foreclosure becomes a real threat.
Why Selling As-Is to a Cash Home Buyer Makes Sense
Here’s where the cash buyer option comes in. For homeowners in Las Vegas who can’t afford repairs or can’t wait for traditional buyers, cash home buyers offer a fast and hassle-free alternative.
1. No Repairs or Cleaning Required
If your home needs work, that can be a huge barrier in the traditional real estate market. With a cash buyer, you can sell as-is, even if your home needs new flooring, a roof, or updated systems.
2. You Can Sell Fast, Before Forbearance Ends
Traditional sales can take weeks or months. Cash buyers can close in as little as 7 days, ideal if you’re nearing the end of forbearance and want to avoid a missed payment.
3. No Fees, Commissions, or Closing Costs
Real estate agents typically charge 5–6% in commission, plus you may cover part of the buyer’s closing costs. A reputable cash buyer will cover all fees and give you a net offer, no surprises.
4. Avoid Foreclosure on Your Record
Foreclosure stays on your credit report for up to 7 years. Selling now gives you financial breathing room and the chance to move on without long-term damage to your financial profile.
5. A Clean Slate to Downsize or Relocate
Selling allows you to restart, whether that’s downsizing, relocating, or renting for a while to rebuild. It’s a chance to make the next move on your terms, not your lender’s.
What if You Have Equity?
Many homeowners in Las Vegas saw property values rise dramatically over the past few years. If you’ve been in forbearance for a while, you might be sitting on significant equity, even if you haven’t been paying your mortgage.
Selling now could allow you to:
- Access your equity before it’s lost to foreclosure fees
- Use proceeds to pay off other debts
- Put money down on a more affordable home
- Relieve financial stress
How to Know if Now’s the Right Time to Sell
Ask yourself:
- Will I realistically be able to resume payments?
- Have I been denied refinancing or loan modification?
- Is my home too expensive for my current income?
- Do I need to move due to job changes or family obligations?
- Is the property in poor condition or hard to maintain?
If you answered yes to any of these, it might be smarter to sell now, while you’re still in control.
Why You Should Work With a Local Home Buyer in Las Vegas
National companies may advertise quick closings, but local buyers like We Buy Houses Las Vegas often offer more flexibility, faster closings, and local market knowledge that benefits sellers.
We understand the nuances of neighborhoods like Summerlin, Spring Valley, Paradise, and Henderson. We’ve helped sellers who were:
- Behind on mortgage payments
- In active forbearance
- Facing foreclosure notices
- Dealing with divorce, job relocation, or probate
When you work with a reputable Las Vegas-based home buyer, you’re not just getting a transaction, you’re getting a team that understands the pressure you’re under.
What’s the Selling Process Like?
With us, the process is simple:
- Reach out with your address and situation.
- Get a fair, no-obligation cash offer, usually within 24 hours.
- Pick your closing date, whether it’s next week or a few months out.
- Sell your house as-is, with no repairs or showings needed.
- Walk away with cash in hand, use it to move forward without debt or stress.
You don’t have to deal with agents, banks, or buyers who back out last minute.
Take Back Control Before Your Forbearance Ends
The worst thing you can do is wait too long and lose control of your situation. Selling during forbearance gives you time, flexibility, and dignity. And if you’ve already exited forbearance and are behind on payments, it’s not too late to act.
You’ve weathered a tough period. You deserve a path forward that isn’t riddled with debt collectors, late fees, or court notices.
FAQs: Selling During or After Forbearance in Las Vegas, NV
Q1. Can I sell my house while I’m still in forbearance?
Yes, and it’s often a smart move to avoid missed payments or foreclosure.
Q2. Do I need to catch up on payments before I sell?
No. If you sell to a cash buyer, the payoff will come out of the sale proceeds.
Q3. What if my house needs repairs?
You can sell as-is without doing any repairs or cleaning.
Q4. How fast can I sell my house in Las Vegas?
We can close in as little as 7 days, depending on your situation.
Q5. Will I still make money if I haven’t been paying the mortgage?
Yes, many Las Vegas homeowners have built equity even during forbearance.
Ready to Explore Your Options?
If you’re in forbearance and unsure of your next step, don’t wait until it’s too late. We Buy Houses Las Vegas can give you a fair cash offer and help you move forward on your terms.
Call 702-246-2000 today to talk with a local expert who understands your situation.