In case you’re pondering, “Would i be able to sell my home on the off chance that it is in foreclosure?”, then we are sure, you’ve probably missed a while of home loan installments or might be now causing the moneylender’s lawyer expenses for your continuous inability to pay off the lenders.
Whatever stage you’re in, it’s normal to feel incapacitated with frustration, bitterness, and a feeling of frenzy when those late notifications and admonitions come from your home loan organization. Your gut intuition might be to disregard the issue and let it pass, trusting it’ll simply disappear.
However, the HUD ( Department of Housing & Urban Development) elaborates its guidelines to avoiding foreclosure. While we understand that death, medical bills, job loss, and divorce may be some of the reasons for unplanned foreclosure, one of the most avoidable ones is denial and ignorance. But, if you are wondering what to do with unplanned foreclosure, then here is news for you.
Homeowners then find themselves in a situation where they have no option but to sell off the property aggressively which ends up putting them in a situation of compromising on the cost completely. If you exhaust all your options of working out any sort of arrangement with the lender to stay put in the property, then you would need to act a lot faster than later to get the house sold. But, coming to the main point; can you see a house if you are facing foreclosure. The following section covers this in detail:
Can you sell after a foreclosure notice?
Even if the mortgage company has kicked off the foreclosure process, you are legally allowed to sell off your house before the scheduled auction takes place. In case, you are struggling with prolonged financial struggles, rather than a temporary loss of income, then the best option at hand for you is to sell off your house.
To take you through the process, you can always contact us and we will help you understand your best alternatives.
Steps to remember before your foreclosure scale:
When you start planning your pre-foreclosure home sale, here are a couple of steps we recommend:
1) Start with evaluating your house right
Get an online tool that helps you evaluate your home value approximately. You can pair housing market data with the information you need or just get an expert on board who can help you figure out the approximate value post, understand the needs for repair, etc. Obviously, it is a given that for most people who are facing a disclosure- dealing with repairs and upkeep is also a challenge. Hence, all of these costs need to be considered carefully before you put a value on your home.
2) Put an account for all that you owe in a mortgage, along with any extra late fees
For people who have already received a notice of foreclosure, the possibility of missing out on several months of planned mortgage payments is definitely there. You would need to not only get the lender on board for this, but also understand that the late fees can be difficult to deal with, in 10-15 days- after the first missed mortgage installment. You may have also accrued quite a huge chunk from the mortgage company’s attorney for your ignorance. Take a look at your recent foreclosure communications done from the bank and you will understand all that you owe.
3) Subtract the selling fees
You of course need to consider the additional costs that come with selling a house. You would need to factor in the additional fees for staging as well as preparing the house for your sale. There are plenty of fees associated with selling a house. It can get steep for you if you are already facing financial woes. But, with the right guidance and expert solutions- you most definitely would need to consider these selling fees. Once you put all this in perspective, you can list out your home before foreclosure takes over your home.
4) Get a qualified agent on board to help you through the process
We also recommend you to get a qualified agent who can verify the process if not help you through it. It is not an easy task to put the whole house for sale under pressure and get your house sold before foreclosure occurs. Rather than going through the whole stress alone, we recommend that you get a supporting hand who can help you get the best customers on board. Your agent can help you with budgeted marketing, as well as connect you to qualified experts for the same.
5) Do not run away from your lender
While you feel the easiest way to deal with things is to not update your lender at all, but for all you know, your lender may be your biggest savior in a situation like this. Whenever you doubt about going for a foreclosure, we recommend you to just speak to the lender and tell them the plan. Most lenders can help you get your house sold for a better price, rather than see you bear the losses with a foreclosure. Hence, it’s best to keep them updated. For all you know, their experience with finances may come in handy for you too.
It also depends on state to state and the constituents of the Homeowners’ Bill of Rights. So, it’s best to consult an expert before you decide on an option. Your lender can extend the ESCROW by a certain duration depending on where you are residing. The bottom line is basically that unless the home values just go down or the demand in your area is unbearably low, then you would still have the time to sell off your house for a profit before there is a bank foreclosure. Once you are done with that, you would be able to pay your mortgage completely and maybe even have some cash to start over.