Yes, you can absolutely sell your home even if you are behind on your payments. In fact, the earlier you start the listing and sale process during the “pre-foreclosure period,” the better outcome you can expect. The advantages of selling during the pre-foreclosure period include:
- Time to have small repairs done, clean the home, and properly stage the home to get top dollar.
- The ability to work with an Attorney/Realtor who can negotiate the best deal with the lender and the buyer.
- Preventing a foreclosure from hitting your credit report which will limit your ability to buy again.
- Being able to relocate on your timeline, not the bank’s foreclosure schedule.
Because selling a home while behind on payments can have significant legal and financial implications, acting quickly is crucial to avoiding foreclosure proceedings. The longer you wait, the more difficult it may be to sell the home and resolve your outstanding debts.
“I once had a homeowner contact me and say that she had over half a million dollars in equity, but the home went into foreclosure over a $5,000 default,” explains John Holmes, Realtor at Lawyers Realty Group. “Unfortunately, that homeowner called after the foreclosure was completed, and she lost the home and all the equity,”
Risks with Selling After Mortgage Default Without an Attorney/Realtor
If you don’t have the protections offered by an Attorney/Realtor, homeowners face the following risks:
- Imminent loss of home to foreclosure if the legal/foreclosure process is not slowed or stopped.
- Falling victim to fraudulent foreclosure avoidance schemes. These include predatory hard money loans, fraudulent loan mod services, useless and expensive filings or claims against the lender, and other bottom-feeding scams targeted at homeowners in default.
- Low-ball offers from predatory investors based upon the risk of foreclosure.
- Feeling rushed and frightened into making a bad decision.
- Hiring a real estate agent who has no legal background or training.
An Attorney/Realtor can overcome these challenges and help homeowners facing even the most difficult real estate situations, including foreclosure postponement, clearing title problems (such as liens and encumbrances or lost ownership), removing squatters from the home, terminating pending sales contracts from vulture investors, stopping or unwinding HOA foreclosure, and prosecuting foreclosure scams.
By working with a skilled Attorney/Realtor from Lawyers Realty Group, you will have the advantage of securing state and federal legal protections that can significantly extend the early pre-foreclosure period and ensure that you receive the highest and best offer for your property.
At Lawyers Realty Group, we specialize in helping homeowners communicate effectively with their lenders and negotiating the most financially advantageous solution to their mortgage problems. If you are facing default or foreclosure, contact an Attorney/Realtor today at (949) 264-0966 to obtain a FREE legal analysis of ALL your options and secure the best possible financial outcome.
FIND MORE RESOURCES FROM LAWYERS REALTY GROUP HERE:
- Can I sell my home if I am behind on my payments?
- Can I sell my home if I’m in default or facing foreclosure?
- Can I sell my home after receiving a foreclosure notice?
- Benefits of selling your home to avoid foreclosure
- Can I stop a foreclosure once it starts?
- Can I sell my house if I owe more than it is worth?
- Can I sell my home if it needs repairs?
- Can I sell my home if it is in probate?
- Can I sell my parents' house if they pass without a will?
- Can I sell my home if it is held in a living trust?
- Can I sell my home if I’m behind on property taxes?
- Can I sell my home if I have IRS or FTB tax liens?
- Can I sell my home if it is tenant occupied?
- What is an “attorney/realtor” and why do you need one?
- Can I sell my home if I have a reverse mortgage?
- Can I sell a home I inherited with a reverse mortgage?
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