Do you have a Hemet, CA house that’s in foreclosure right now? Many people going through the CA foreclosure process want to get out from under that burdensome house and wonder if they can sell the house in foreclosure. The short answer: yes. The long answer: It’s a little more complicated, but usually you can sell your property prior to foreclosure. Generally, the sooner you start, the better.
Can I Sell My House in Foreclosure in Hemet? – How it works
There are a lot of folks in Hemet who have faced foreclosure in the past few years. Since the changes in the economy, a lot of banks have been shifting the way that they deal with foreclosures.
Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. The bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property. However, dealing with banks during any part of the foreclosure process can be a huge pain. Over many years of working with banks to help stop the foreclosure process, we’ve learned a few tricks that will help you. So, here are some tips on how to sell a house in foreclosure.
Working With Banks During The Foreclosure Process
- Always over-communicate with the bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold.
- Don’t miss deadlines. If anything will be late, call with advance notice.
- Remember that bankers are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way.
- Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made.
- Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you.
If you’re looking to sell your Hemet house in foreclosure fast, call us now. We have the best house-selling process in foreclosure!
We specialize in helping homeowners in situations including foreclosure around Hemet and the whole state of CA get out of difficult situations and avoid foreclosure. In certain circumstances, we can negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash.
If you need to sell a property near Hemet, we can help you. There are many benefits of selling a house in foreclosure!
We buy properties like yours from people who need to sell fast.
Give us a call at (951) 783-2611 anytime
or fill out the form over here today! >>
FAQs
1. Can I stop my foreclosure process once it starts?
Yes, it’s possible to stop or stop the foreclosure process, but the options and feasibility depend on your location, lender, and distinct circumstances.
2. How long does it take to sell a foreclosure home?
Foreclosure homes generally sell quickly (weeks to months) if priced competitively. In decent markets, the timeframe is an average of 3-6 months. Meanwhile, in slow markets, it can take up to 6-12 months to sell.
3. What happens if my home is foreclosed on?
If your home is foreclosed on:
- You will lose ownership and potentially face eviction.
- Your credit score will considerably decrease.
- You might still owe the lender the difference between the sale price and the outstanding mortgage balance.
- You may be able to reclaim some proceeds if the sale price exceeds the mortgage balance.
4. Will I still owe money after the foreclosure?
You could owe money after the foreclosure, especially if the sale price doesn’t cover the outstanding mortgage balance. In this case, you may still owe the lender the difference, known as a deficiency.