Are you facing the possibility of foreclosure? Do you know your options? You can still sell your house. You may sell your house up to the moment of the bank auction or trustee sale. Here’s what you need to know.
WORK WITH YOUR LENDER AND DISCUSS ALL YOUR OPTIONS BEFORE FORECLOSURE.
When you first realize that you are facing financial hardship and are not able to meet your mortgage obligations, talk to your lender about your options. It is in the lender’s best interest to work with you and come up with a solution before your house goes into foreclosure. Here are some of the options you have:
- Refinance – Your lender might be willing to rework your financial package to lower your mortgage payments.
- Mortgage forbearance – In forbearance the lender pauses or suspends your monthly payments for a set amount of time. The challenge with forbearance is that you must pay back all the missed payments at the end of the forbearance period.
- Sell your home for the amount due on the mortgage, or more. This is the best option for both you and the lender. The lender receives his payment and you don’t go through the foreclosure process.
- Consider a short sale. If the value of your house has decreased and is now worth less than you owe, your lender might consider a short sale. The house sells for a below-market price. The lender receives those funds and your obligation for the mortgage ends.
- An actual foreclosure is the lender’s last resort. The lender does not want to deal with the expense and hassle of foreclosure. He would rather work with you to find another solution.
YOU CAN LIST YOUR HOUSE AND SELL IT THROUGH THE REGULAR REAL ESTATE MARKET.
Did you receive notice that you are in default on your mortgage payments? You can still list and sell your house before the foreclosure sale. Selling your home gives you the cash to pay off your mortgage obligations. Work with a real estate agent and get your house on the market. Price it to sell soon! Consider pricing your home slightly below market value to sell it more quickly.
A SHORT SALE MIGHT WORK FOR YOU.
Has the value of your house decreased significantly? Is it now worth less than the remaining balance on your mortgage? Are you behind on your payments and facing significant financial hardship? Your lender might be willing to work with you on a short sale. In a short sale, the lender agrees to accept payment of less than the amount you still owe, Your house is sold and the lender receives all the profits.
Remember, the house is yours to sell until the moment of the foreclosure auction. You can sell any time before the final foreclosure. Usually, you have several months between your first default notice and that final auction. Use that time to sell your home. Once final foreclosure takes place the home no longer belongs to you. Work with a licensed real estate agent and get that home on the market!
You can absolutely sell your house quickly in Denver, Colorado before a pending foreclosure by selling it to a sell my house fast Denver – cash house buyers. It’s not uncommon to complete the a cash sale days before the schedule foreclosure sale.