My advice to you is to consult an attorney specializing in this immediately. An attorney can sometimes delay the foreclosure, thus buying the homeowner time to negotiate a short sale with a lender.
If you need help finding an attorney, call me and I will provide you with a company that handles cases like this for my firm. In most cases, there is no cost to the Seller providing there is enough time to complete a short sale.
Juan Sanchez â€“ Broker Associate â€“ 786.302.0351 - Real Living FSR â€“ Miami - Coral Gables, Florida â€“ USA
You may also email me juansanchezREALTOR@bellsouth.net
To improve your odds, agree to use the services of a short sale negotiator. I'm working on a deal in Fontainbleau were the whole deal, start to finish will be about 8 weeks. Like many of these deals, it's a cash buyer, and all we're waiting for is association approval to close.
There are also some tax advantages if you can close the deal by Dec. 31. Contact me for more information.
Your house can be sold while you are facing foreclosure. Much will depend on what stage of foreclosure you are in. Have you been sent a date upon which your house will be sold at the courthouse?
A short sale is likely to be your best avenue on which to proceed. This will require that you list your house with a REALTOR in the MLS (call me). Then you will start by notifying the bank you wish to sell your house, and there will be a ton of paperwork for me to submit to the bank.
People will be coming and looking at your house, and hopefully we will get an offer. Once the offer is received and you sign the offer it will be submitted to the lender. The lender will be looking for even more paperwork; pay stubs, tax returns, a hardship letter, and more.
We will try to get the bank to accept the offer, with no recourse. No recourse means that they will not pursue a deficiency judgement against you and try to collect the balance.
You will need to find a new home or apartment to rent, so that once everything is complete you will have a roof over your head.
Please contact me directly and I will be glad to get this started for you.
You can sell your home at any point as long as you still own the home. But, do you know whether the current market value will satisfy the balance of your mortgage? You will want to get a comparative market analysis performed by a local agent/broker of your choosing in order to determine the current market value.
If you can sell it for a suitable amount (based on the current market value), then list it (the lower the price, the greater likelyhood that you will have more showings, offers, and sell faster - beating the completion of the foreclosure.) Dont forget that you will also have closing costs (title insurance, buyers home warranty, etc) that you may need to pay out of pocket at closing of the sale.
A short sale may be option, but it is very important to be aware that you MUST have a qualifying financial hardship in order to obtain approval from your lien holder to sell the home for less than an amount that will satisfy your outstanding mortgage obligation. Simply owing more than your home is worth is NOT a qualifying hardship. Qualfying hardships may include, chronic illness (and related bills), loss of employment, divorce or death of a spouse, etc. There is a ton of information on the internet on short sales, or you can just reach out to a local real estate agent who has short sale experience or certification.
La Rosa Realty
Yes you can sell your home while it is in foreclosure. With your lender they can allow to short sale the home if your underwater(upside down) with your mortgage. With a short sale it will be a lower impact on your credit vs a full foreclosure. Your lender can also forgive and release you from any deficiency amounts as well. If you have any other questions please feel free to reach out to me as I have been a Bank Of America Loss Mitigator who has handled foreclosures and loan mods. I look forward to hearing from you soon.
Keller Williams Realty Partners SW