Being behind on your mortgage payments is very stressful. You don’t want to lose your home and any equity that you may have built up in the home but you also feel helpless and trapped. Many homeowners start to feel that the bank simply wants to foreclose to take back the equity that you have built. In this position, many homeowners want to know if they still have the right to sell their home even as the bank is beginning the foreclosure process.
The simple answer is that a homeowner has the right to sell their home until the point when it is sold at auction. And some states offer the homeowner time to repay back mortgage payments known as a take back period. If you have enough equity in your home, you can sell it, pay off the mortgage and keep the remaining funds. You may get letters or calls saying that the bank is placing the home up for auction or sale but remember that the bank has no legal right to sell the home until they get a final judgement from the court on the foreclosure.
If you are certain that the home is worth more than you owe, it is really the best possible solution to sell it, pay off the mortgage and avoid any more damage to your credit. Contact a real estate professional immediately. WWW.phoneixhomebuyersgroup.com is a good resource to use to learn about your options and get assistance in listing your home. In addition, a realtor might be able to speak to your lender and convince them to pause the foreclosure process as you have listed the home on the market. Not only will you pay off the mortgage but you will also help to minimize the damage to credit and help you to end the transaction with the proceeds of the equity.
In this type of situation when time is very important, it is wise to consider selling to a real estate investor. In most cases they offer a fast closing in as few as seven to ten business days. In addition, many times the purchase is made in cash so you can quickly settle with your lender and move forward with your life. And don’t worry that you will need to make costly repairs of renovations to attract a quality offer from a real estate investment buyer. It is normally their intention to complete renovations prior to reselling the home so they don’t expect or request that you make repairs.
Selling your home to avoid foreclosure is a good idea for many reasons. It offers you relief from the stress of your debt, it eliminates the legal process to take your home and in many cases it results in you having cash in hand from the equity you built up in your home. Struggling to make a large mortgage payment is just putting off dealing with the reality of your situation. Sell your home quickly and for a fair price to a real estate investor and move on with your life.