Can I Sell My Home if it is in Foreclosure?
Life sometimes brings harsh rain — like death, divorce, job loss, or medical bills. And on top of that rain might come thunder — missed mortgage payments.
It’s natural to feel paralyzed with sadness and a sense of panic when those overdue notices come from your mortgage company. Overwhelmed, you might ignore the problem, hoping it’ll just go away. Or perhaps you start to believe that the only solution is to lose your house. But then a sliver of sunlight carries a question to your mind — “Can I sell my home if it is in foreclosure?”
The answer is often “yes.” It is possible, but you’re going to need to acknowledge the situation, and then take prompt, decisive action.
“The best advice we can give is don’t wait till the last minute. Don’t wait until your foreclosure is 30 days away from the sell date.
“That’s what homeowners typically do because they’re in denial. That just puts you in a dire situation where you have to sell aggressively, which leaves money on the table.”
If you’ve exhausted your options for working out an arrangement with your lender to stay in the property, then you need to act sooner than later to get the house sold.
Selling a home facing foreclosure is typically not much different than a traditional home sale. But when foreclosure is a possibility, you need to price to sell.
You don’t have time to waste when you’re headed into foreclosure. If it’s priced right, it’s going to sell within a week or two.
Reach out to your lender and ask exactly what you’ll owe if you decide to sell, so you can be financially prepared. When you sell your home, you’ll owe that money and any additional late fees. Mortgage lenders typically charge late fees 10-15 days after the first missed payment.
You may have also accrued fees from the mortgage company’s attorney for your delinquency. Look at any recent communications from the bank to determine what’s owed, including all outstanding principal and interest.
If you waited too long you can be facing a hard sell-by date due to impending foreclosure..
Contact us to help you navigate selling your home quickly…
Visit our website at https://www.castlepointeproperty.com/sell-your-home/