Can I Sell My House If It’s in Foreclosure?
Foreclosure is one of the scariest and most heartbreaking processes a family can go through, and for those who must face it, many mistakenly believe they have no choice or say in the matter. They falsely believe they have run out of options and must accept their situation.
But that couldn’t be farther from the truth. You should never just roll over and hand the bank your home. You have options. You can fight.
One option many homeowners may be less familiar with is selling their home. Even if the property is in foreclosure, you may still sell your home up until it is sold at auction. With the amount you earn from the sale, you can pay off your mortgage debt, including interest and fees. In doing so, you can avoid foreclosure and the negative impact it will have on your credit history. By remaining in good credit standing, you will be in a better position to buy or rent a new place in the future.
How to sell a home in pre-foreclosure
Selling a home during foreclosure can take a mental toll, but it puts you in the driver’s seat when it comes to the foreclosure process. If the sale is successful, you can avoid foreclosure and the negative repercussions that come with it in terms of your credit history.
If you choose to sell your home, finding an experienced agent who can help you sell it with the intention of paying off your mortgage is an important step. They will help you understand the market value of your home and will help you negotiate during the process. Selling the home for as close to the amount you owe your lender as possible is imperative if you want to avoid foreclosure.
In addition, when you proceed with a short sale, you’ll also want to immediately notify your lender. You should ask them to postpone the foreclosure auction while your house is on the market so you have 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.