Then answer is yes, you can sell your home when you are facing foreclosure. Foreclosure does not happen overnight. You may have missed multiple payments due to unforeseen circumstances that are out of your control. Regardless, you need to move forward.
Depending on where you live, the foreclosure process can take anywhere from 2 months to 1 year to complete. For the lender, this is a lengthy, involved process and it could afford you enough time to consider the options you have for avoiding foreclosure. There are 3 things that can be done to achieve the best possible outcome in this situation:
Educate yourself regarding your current situation – make sure you understand how you got in this situation. Educate yourself on the foreclosure process and what it entails moving forward. Read everything you’ve received from the lender as thoroughly as possible. In many cases, delinquency notices may contain information on avoiding foreclosure. Spend time familiarizing yourself with your state’s foreclosure laws. If you need additional assistance, it helps to call on a legal expert.
List your possible options – as we mentioned above, foreclosure can be and often is a lengthy, involved process. Chances are, your lender would prefer to avoid it as much as you would. The following are common alternatives to foreclosure:
- Consider filing a Chapter 7 or 13 bankruptcy
- Loan modification
- Mortgage forbearance
- Refinance your home
- Work out a repayment plan with your lender (if it isn’t too late)
Keep in mind there are federal agencies that work with lenders to help you secure other financial options.
Sell your home to Homeinc – if you’ve considered all of the above options without any progress or success, consider selling your home quickly to avoid any further foreclosure proceedings. Homeinc is the number one homebuyer in South Florida. Our team has helped hundreds of homeowners who are struggling financially due to other reasons as well such as:
- building code violations
- downsizing for retirement reasons
- getting divorced
- having to relocate for a new job immediately
- inheriting an unwanted property
- tax liens on their property
- the death of a loved one
- their homes need extensive, costly repairs
- unfit tenants in a rental property
When you work with Homeinc, you’ll sell your home much faster and close in as little as 5 to 7 days. For additional information, call or text us today at (888) 850-2636.