Do you have a house that’s in foreclosure right now? Many people going through the North Carolina 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.
Foreclosure can be a stressful and overwhelming experience for any homeowner. Shortsleeves Real Estate has helped many people avoid the negative consequences of being foreclosed upon and we can help you too! Whether it’s due to unexpected financial setbacks, job loss, or other circumstances, facing foreclosure is never easy.
Selling your house before it is foreclosed can help you avoid further damage to your credit. It can also help you avoid a deficiency judgment. In North Carolina, a deficiency judgment can be issued against a homeowner if the foreclosure sale does not cover the full amount owed on the mortgage. This means that the homeowner could be responsible for paying the remaining balance.
How it works
There are a lot of people who have faced foreclosure in the past few years. Since the changes in the economy, many banks have been shifting how 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.
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. If you choose to work with a company like us we can walk you through this process and even help you communicate with the bank so that we can purchase your house and help take the stress off of you.
- Don’t miss deadlines. If anything is 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 say, and any promises made.
- Explore all your options: 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. If you’re unsure whether or not we can help you make sure to fill out our CONTACT US form.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you. Even if you think it’s too late please reach out! There’s no obligation and we have helped many people avoid foreclosure on their houses. Check out our TESTIMONIALS page!
If you’re looking to sell your Fayetteville, NC house in foreclosure fast, call us now (910) 600-6348.
We specialize in helping homeowners in situations including foreclosure around Fayetteville and the whole state of North Carolina get out of difficult situations and avoid foreclosure. In certain circumstances, we can even help you walk away from your property with cash.
If you need to sell a property near Fayetteville we can help you.
We buy properties like yours from people who need to sell fast.