Owning a house is a huge accomplishment and, for many, their most valuable asset. However, life can sometimes take unexpected turns, causing financial hardship. If you find yourself in the difficult situation of being unable to make your mortgage payments, your home may go into foreclosure.
Foreclosure is the legal process where your lender takes back your home because you have not made your mortgage payments. This is a process that generally takes several months to complete. If you're interested in learning more about the matter, keep reading.
The foreclosure process begins when you, the homeowner, miss a mortgage payment. Your lender will contact you to try and rectify the situation. If, after several attempts, they are unsuccessful, they will send you a Notice of Default.
Yes, you can sell your house during the pre-foreclosure period. You may be able to sell it for less than what is owed on the mortgage and use the proceeds to pay off the debt.
It is still possible to sell your house after you have received a Notice of Default. However, time is of the essence as the foreclosure process will continue. You may be able to make a short sale or refinance your home to avoid foreclosure.
First, you need to find out how much your property is worth. This will help you determine if a sale is your best option. There are numerous ways to find out your home's value. You can look up your city or county's assessment website or contact a real estate agent in your area.
Next, you need to calculate what you currently owe on your mortgage and any accrued late fees. This will give you an idea of how much money you need to sell the property.
If you decide that selling your property is your best option, it's time to contact a real estate agent. They will be able to help you list your home and find a buyer.
However, you must consider that real estate agents require a commission. You'll also have to invest in repairs, painting, and other necessary updates to make your home more presentable and increase its value.
If you want to avoid costly repairs and commissions, consider working with cash home buyers. They're the best option if you want to sell your house fast and for cash. Home buying companies will make you a fair all-cash offer on your property as-is. You won't have to make any repairs or wait months for sale to go through.
If you're struggling to make mortgage payments or are facing foreclosure, selling your home is a viable option. Just remember, you have options, and some people can help you through this difficult time.