The process of selling a house in a pre-foreclosure situation depends on a number of factors. Some of them are:
1. Is the borrower/owner behind in the payments or simply struggling to keep up?
2. Is the amount of debt higher than the market value of the property?
3. Has the lender contacted the borrower/owner with an intent to foreclose?
4. Is the property currently on the market?
5. Is there already a sales contract in place?
6. Is an adjournment needed or has one or two already been granted?
Although selling may be an option, a distressed property owner has some options. Those options are also dependent on how soon the homeowner acts when falling behind on payments.
Don’t wait to take action on finding a solution to your issue. Help is out there.
The biggest problem we see as a distressed property specialist is wasted time. There are timeframes inherent in the process, if the borrower/owner wants to get out of the situation with a minimum of damage to his/her credit.
In this situation, it is best to speak with a specialist who is certified and an expert in distressed sales. The right company and attorney can mean the difference between a successful “escape” from the situation or a long-standing blemish on credit.
We hope the above is helpful. Please don’t hesitate to contact us directly at Eleven Eleven Properties if you have any further questions or need assistance in selling your home.