2007-05-25 15:17:46 · 4 answers · asked by wendy b 1 in Business & Finance ➔ Renting & Real Estate
You need to ask your lender for a deed in lieu of foreclosure. That will put the foreclosure on hold and allow you a certain amount of time to sell it yourself. The lender would much rather have you bear the expenses of selling the house than pay out both the foreclosure and selling expenses themselves.
2007-05-25 15:28:57 · answer #1 · answered by Brian G 6 · 0⤊ 0⤋
Yes, you can sell your house if it is in pre-foreclosure. There are a couple of routes that you can take. If you have enough equity in the house, you can list it with an agent (pros: faster sell; cons: commission) or as a for sale by owner (pros: less commission; cons: less marketability). The thing with this is generally speaking (seek counsel from a realtor), it will take about 3 months to sell the house. If it is in pre-foreclosure stages, you may not have the time. The other route you can take is to sell it to an investor. This can be tricky because, unfortunately, there are a lot of crooked investors. However, if you are screen the investors, you can find an honest one who can legitimately help you with your situation. They can take the house off of your hands, pay you for your equity and allow you to move on with your credit somewhat in tact.
I don't know if you want to keep your house, but even in pre-foreclosures, you can negotiate to keep the house. Remember, the mortgage companies LOSE money when you foreclose, so it is in their best interest as well to keep you in the house. Think about it, if you house costs $100K and you owe $80K, if the mortgage is $900, you are only down probably $3k-$4k. The mortgage company is more willing to eat $4k than $80K, so again, it is in their best interest as well for you to keep the home.
Whatever you decide, I wish you the best.
2007-05-25 15:50:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Possibly, if you get enough to pay off the mortgage, interest and penalties due. You would need to check with the mortgage holder (lender). Foreclosures are expensive for lenders, and if you can help them avoid going through with the process, you might get somewhere.
2007-05-25 15:21:56 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
yes you can but be careful, i did now I'm dealing with a $15000 bill from IRS. call a bankruptcy lawer first
2007-05-25 15:45:49 · answer #4 · answered by rivirobb 3 · 0⤊ 0⤋