There is a possibility that you will be able to sell your home if it’s in default. Selling your home is the best option you have at this point. You are sure to lose it if the lender has notified you of a scheduled foreclosure auction. It’s important to be well informed along the way and understand your options when going through this challenging process.Homeowners who live in a state where a court does not oversee foreclosure are the ones who go into default. A foreclosure sale is not the same thing as putting a home on the market that you’re in good standing with at the time of selling. It’s essential to understand how different this process is.
You Retain The Title
You still have ownership of the home until the bank has completed the foreclosure. It’s important to understand that your bank or mortgage company will and possibly wants you to participate in a foreclosure sale. They will wait to take the home back until it’s complete with most cases. The foreclosure will only be complete after you have gone through this process.
You May List The Home Before The Foreclosure Sale
Having a foreclosure sale on the books does not mean that you have to sell the property at the foreclosure sale. You may also list your home after the notice of default and before the foreclosure sale. The same resolution is met if it is sold sooner.
Have You Filed For Bankruptcy?
Filing for bankruptcy can reduce your eligibility to sell your home. The bank has a right in most cases to repossess it without you being able to sell it. This is for compensation of the debts that you are relinquishing. Other legal proceedings may affect your ability to sell your home as well. Consider your options and talk to the person who is giving you your mortgage. You may still be able to sell your home if you have filed for bankruptcy. Remember that bankruptcy is largely governed by state laws. It is important to lookup local information.
You Can Talk With Your Bank Or Mortgage Lender
You may not be able to do much about this situation; however, it isn’t a bad idea to try. A lot of banks and other mortgage companies are willing to discuss the issues you’re having. It is improbable at this point that your bank will change their mind as you are probably very delinquent with mortgage payments if the situation has gotten to this point. You can only put off the foreclosure at this moment. The only way to do that is to tell the bank that your home is now for sale.
It’s Better To Sell It
It’s much better to sell the home rather than let the foreclosure take its course. You may be able to prevent a foreclosure from going on your credit report. Foreclosures significantly impact your credit score and may have other life consequences. It will be difficult for you to get a new mortgage in the future if you have a foreclosure on your record. Consider selling it to a San Antonio we buy houses company to avoid a foreclosure on your credit. Click here to get the process started before it really gets too late.