When your home is in foreclosure can you sell your home
2007-08-05 13:34:26 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Two ways. Get a buyer with enough money to pay off your mortgage. The title company will set it all up and the bank will be thrilled to drop the foreclosure to get a check for the full amount you owe at the closing. Or you could try for a short sale. You agree to let the house be shown, without notice, at any agreed upon times. You agree to get out with no rights of redemption immediately at the closing, which will be when the bank can find a buyer at any price. You agree to stay to maintain the house and keep it safe, until said closing. You may get the bank to agree to not report you to the credit reporting bureaus. The bank will only report that the mortgage has been discharged (paid).
Banks agree to this for a few reasons. They don't have to pay to secure the house. They pay less in legal fees. They don't have to worry about vandalism. Since they are probably losing money anyway, why not limit the loss a little in exchange for less legal hassles and the waiting that foreclosure means.
Sometimes you can even get them to agree to give you some money for moving expenses, typically $500 to $1,500. You may get to live free, as the 'caretaker', for several months while they find a buyer.
Of course, this only works in an area that is saturated with foreclosed houses. And when you owe more that the house is worth. And if your property is well maintained currently. If you owe far less than the house is worth, or your property is a pig sty, or your property is desirable, this ploy might not work. Get with your mortgage holder and start negotiating. Good luck.
2007-08-05 13:55:13 · answer #1 · answered by ? 3 · 0⤊ 0⤋
You can, but only with the blessings of the lender involved. Most lenders would rather not end up owning your property, and will work with you if you attempt to sell it and obtain a reasonable price for it.
If you are in the process of foreclosure and want to sell, contact the loss mitigation department of your lender and inquire as to their cooperation.
2007-08-05 20:37:35 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Sure you can. You can sell your home right up until the day of the auction.
The sooner the better though.
2007-08-05 20:40:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes. if you can secure a buyer and pay the mortgage before they take the house, it would be better for you.
2007-08-05 20:36:56 · answer #4 · answered by 2Cute2B4Got 7 · 0⤊ 0⤋