2007-12-30 05:06:54 · 6 answers · asked by jimmy6067 2 in Business & Finance ➔ Renting & Real Estate
If you can sell it and have enough cash to make the bank whole on the amount owed, it would not be in foreclosure. By definition, you are not making payments b/c you can't sell and make the bank whole. tb
2007-12-30 05:10:08 · answer #1 · answered by redwine 6 · 1⤊ 0⤋
It depends on what stage your foreclosure is in. If it's up at the sheriff's auction, you are probably too late. :) But during the redemption period you can try to sell the home. The first thing to do is talk to your mortgage company about a short sale - meaning find out what dollar amount the bank is willing to settle for, and set the sales price at that amount. Price the home at the short sale amount, don't mess around with "leaving room to negotiate". That's the dumbest thing you can do in today's market. Hire a top producing real estate agent. You don't have the time or luxury to try to sell by owner.
FYI - If you have a second mortgage, the second mortgage company will get nothing in the event that you foreclose, so most will be amenable to going along with the short sale price. And the primary mortgage company doesn't want your home in its inventory - it probably already has more than it wants.
An experienced real estate agent or real estate attorney can provide facts more specific to your state.
2007-12-30 13:19:48 · answer #2 · answered by TruthHurts 1 · 0⤊ 0⤋
If the house is being Foreclosed it means you still own it and yes you can sell it. If you are unsure what to do contact a real estate agent in your area knowledgeable in selling homes in foreclosure. Short sale experience is a plus because it indicates experience working with and negotiating with banks. What ever you do do it soon the foreclosure clock is ticking. Best of luck!
2007-12-30 13:23:55 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Sure, up until the hammer falls at auction you are still the legal owner of the property and can sell it. If you are trying to sell it for less than the outstainding mortgage balance the lender will have to approve a short sale. As long as the numbers are not totally unreasonable they'll frequently go along with that as it significantly reduces their costs in the long run.
2007-12-30 13:13:37 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 1⤋
The answer is yes.
2007-12-31 23:44:22 · answer #5 · answered by Mortgage Expert 2 · 0⤊ 0⤋
The house is yours until such time a court order say's otherwise. In same states you even have redemption rights.
2007-12-30 17:14:20 · answer #6 · answered by tampabaycreditdoctor 3 · 0⤊ 0⤋