People will often buy a house only to have their needs change as the years go by. Paying a mortgage on an unwanted house can be incredibly stressful and frustrating. In this post, we offer 5 ways to get out of your mortgage in Metro Detroit so you can move on with your life!
Paying an expensive mortgage month in and month out can take its toll. Especially if you have grown out of the house and are looking for something different. Below, we offer information to help you get out of your mortgage fast, without having to worry about excessive fees or penalties. If you have any questions about getting out of your mortgage in Metro Detroit, we want to hear from you!
Sell It Fast – The Quickest Way to Get Out of Your Mortgage
If you’re struggling with your mortgage and need a fast exit, selling directly to a cash buyer like 3D Property Solutions is the easiest and most convenient solution. Unlike traditional sales, which can take months, a direct sale can close in just a few days, helping you avoid unnecessary expenses.
Example:
Sarah, a homeowner in Metro Detroit, was dealing with a job relocation and couldn’t afford to wait months for a buyer. By selling directly to 3D Property Solutions, she closed in 10 days, avoiding months of mortgage payments, property taxes, and maintenance fees. Now, she’s settled in her new city without any financial burdens!
💰 Benefits of Selling Fast:
✔ Avoid holding costs (utilities, insurance, taxes, maintenance)
✔ No need for costly repairs or upgrades
✔ Skip the long and uncertain listing process
✔ Get cash in hand quickly and move forward with peace of mind
Hire an Agent – A Traditional But Slower Option
Many homeowners in Metro Detroit choose to work with a real estate agent to sell their home. This can be a good option if you have time and don’t mind paying commissions. However, if you need to sell quickly or avoid costly repairs, this may not be the best route.
Example:
Mike listed his home with an agent, expecting a quick sale. After 4 months on the market, multiple price drops, and $5,000 spent on repairs, he was still waiting for a buyer. Frustrated with the process, he eventually turned to 3D Property Solutions, sold in two weeks, and walked away with cash.
⏳ Considerations When Hiring an Agent:
⚠ Commissions & closing costs eat into your profits
⚠ You may need to wait months for the right buyer
⚠ Home inspections could lead to expensive repairs
Rent It Out – Turn Your Property Into Passive Income
If you’re not ready to sell immediately, renting out your home could help cover your mortgage payments. However, becoming a landlord isn’t for everyone, and not all homes make good rental properties.
Example:
Jessica needed to move but couldn’t afford to sell at a loss. She decided to rent out her home, found reliable tenants, and used the rental income to cover her mortgage. With a property management company handling the details, she was able to relocate without financial stress.
🏠 When Renting Might Work for You:
✔ Your home is in a desirable rental area
✔ You don’t mind handling tenants and maintenance
✔ You’re open to long-term financial gain over an immediate sale
Gift It – Transfer Your Property to Someone Who Needs It
If selling isn’t an option, transferring ownership to a family member could be a viable way to relieve yourself of mortgage obligations. This can be done through a mortgage assumption or by selling the house to them at a discounted price.
Example:
John was struggling with his mortgage and didn’t want to lose the house to foreclosure. Instead, he transferred ownership to his daughter, who took over the payments. This allowed John to avoid financial ruin, and his daughter got a great deal on her first home!
🔹 Key Benefits of Gifting or Transferring Your Property:
✔ Avoid foreclosure and financial stress
✔ Help a loved one secure a home at a great price
✔ Eliminate mortgage responsibility without a traditional sale
Rent-to-Own – Sell at Market Value Over Time
A rent-to-own agreement allows a tenant to rent your home while working toward purchasing it. This strategy works well if you want to sell at market value but don’t mind waiting a year or two for the sale to finalize.
Example:
David wanted to sell but wasn’t getting good offers. Instead, he signed a rent-to-own deal with a tenant who paid an upfront deposit plus higher-than-average rent. Two years later, the tenant secured financing and officially purchased the home, giving David the full sale price he wanted.
🔹 Why Consider Rent-to-Own?
✔ Attracts buyers who may not qualify for a mortgage yet
✔ Allows you to get closer to full market value
✔ Provides rental income while waiting for the final sale