Do you have a Southern California house that’s in foreclosure right now? Many people going through the California 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 which is known as pre-foreclosure. We have navigated through the pre-foreclosure selling process before and we can help you! Generally, the sooner you start, the better.
Can I Sell My House in Foreclosure in the IE? – How it works
There are a lot of folks in Southern California 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. The banks are not in the real estate business, they are in the loan business and they like to keep it that way. Being courteous and communicative can go a long way, imagine if you lent someone money for a house and expected to be paid back.
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. This can go a long way!
- Don’t miss deadlines. If anything will be late, call with advance notice. Similar to credit cards, deadlines are very important when it comes to your mortgage and missing just one can dent your credit score.
- 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 helps them understand and sympathize with you.
- 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. This is important for any issues that may arise in the future if your communications or conversations do not line up.
- 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, its always a good idea to know and understand them; make sure to ask questions if you do not understand something.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you and the less leniency that the banks or mortgagor will have. Be proactive!
We specialize in helping homeowners in situations including foreclosure around The Inland Empire and the whole state of California 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. Every situation is different and requires different levels of attention and effort.
If you need to sell a property in Southern California, we can help you.
We buy properties like yours from people who need to sell fast.