05/20/2022
Foreclosure is an uncomfortable word if you're in it, especially if mortgage payments after an accident, illness, divorce, or loss of income or another tragedy have left your finances unstable. If you’re worried about being able to pay your mortgage and the possibility of foreclosure, here’s what you need to know about selling a home in pre-foreclosure and how to sell your house before the foreclosure happens.
Can I sell a home in pre-foreclosure?
Yes! If you’re facing foreclosure, you have the opportunity to sell your home up until the home is sold at auction by the mortgage lender.
A home will be foreclosed upon when a mortgage lender exercises its right to sell a property which the owner hasn't kept up payments on. The lender gives the homeowner a period of time to make payments or other arrangements before selling the property.
The lender will auction the property in a Sheriff’s Sale. The notice of the Sheriff’s Sale must be published for four weeks before auction, during which time the homeowner can sell the property, refinance the property, make all outstanding payments on the property, negotiate a loan modification, or file bankruptcy.
When is it too late to sell my home during the foreclosure process?
After a foreclosed home is sold by the mortgage lender at auction, the homeowner has a redemption period to pay the lender in full to retain ownership of the home. After the Sheriff’s Sale, unless you can pay the mortgage lender all what you owe them, you no longer own the home, and you can’t sell it.
How can I sell my home
pre-foreclosure?
When you’re facing a foreclosure, you have a couple of options for selling your home. You can go the traditional route, listing your home for sale and higher a realtor. While this is the best way to get the full market value for your home, it can take months, to sell a home this way, and in a pre-foreclosure scenario, you don’t have that time. There are only a few weeks of notice before the Sheriff’s Sale and a year or less of a redemption period, which would make it hard to sell the traditional way, through a realtor.
However, there are selling options that are quick, easy, and relatively painless—selling for cash.
If your home is facing foreclosure, Cash Me Out Propertyz can help. We purchase properties in cash and can close on a sale in as Fast as 5 days. To avoid foreclosure, and move on with your life quickly, give us a call at 916-209-0258 or contact us online today.
