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Can I Sell My Home in Pre-Foreclosure?

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Losing your home to foreclosure is an emotionally trying experience, and for people already facing financial hardships, attempting to understand your rights and options during foreclosure can be a burden too difficult to carry.

At Jacobs Legal, our experienced foreclosure defense team gets right to work fighting the tough fight on your behalf so you don’t have to go it alone. One option that may work in your defense is selling your home in pre-foreclosure.

If you’ve defaulted on your loan and find yourself facing foreclosure, selling your house before the bank gets a chance to is one way to avoid foreclosure.

How long do I have to sell my home?

The foreclosure process is a long one – frequently lasting more than a year – and during that time, you may choose to sell your home as a means of paying back the loan amount you owe. Selling your home and avoiding foreclosure means your credit won’t take as big of a hit and in turn you will have more opportunities for securing future housing.

In terms of timeline, you are allowed to sell your home anytime up until the day the home is sold at auction by your mortgage lender. If you’re planning on selling your home, talk to your lender. They may be willing to postpone the sale date to give you more time to find a buyer.

Selling your home during pre-foreclosure is one way to prevent foreclosure. You have other options as well. To learn more about how to avoid foreclosure and save your home, read more on our blog and get in touch with our team at Jacobs Legal to schedule a confidential consultation to discuss your situation.

 

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