Selling your house fast
If you decided to bury your head in the sand when the initial letters from the bank came through your door (you certainly wouldn’t be alone in this) and you don’t think there will be enough time to sell your house before the payment is due then there is an option that you could use to secure a fast sale.
You could use the services of a house buying company. These companies can complete a house purchase in a couple of weeks if necessary so even if you think you have left it too late to explore the sale option you might still have a chance.
The downside with this sort of service is that you have to compromise on the price, companies look to pay around 80% of a property’s market value.
Although if the options are either get 80% of the value of the property, which will hopefully give you enough funds to pay off the loan with some money left over, or hand the property over to the lender and have absolutely nothing to show for 20 years of home ownership then it seems like a good deal.
Most companies will give you a no obligations offer so even if you do have time to try and sell your house on the open market it is worth speaking to them so at least you have a back up if the worst comes to worst.