Foreclosure in San Antonio>Question Details

Kathygreenka…, Home Buyer in San Antonio, TX

if you are going to forclose, do banks require you to list your home for sale?

Asked by Kathygreenkathy, San Antonio, TX Sat Nov 17, 2012

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The Obama Administration has implemented a number of programs to assist homeowners who are at risk of foreclosure and otherwise struggling with their monthly mortgage payments. The majority of these programs are administered through the U.S. Treasury Department and HUD.

Here are a few of the programs available to home owners who are at risk of foreclosure. Contact your lender to see if you are eligible:

The Making Home Affordable © (MHA) Program is a critical part of the Obama Administration's broad strategy to help homeowners avoid foreclosure.

Home Affordable Modification Program (HAMP): HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income.

Principal Reduction Alternative (PRA): PRA was designed to help homeowners whose homes are worth significantly less than they owe by encouraging servicers and investors to reduce the amount you owe on your home.

Home Affordable Refinance Program (HARP): If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP.
There are also programs for underwater mortgages, unemployed home owners and for those looking to transition to more affordable housing. Here is a link to learn more:…

Simon Campbell -
0 votes Thank Flag Link Tue Nov 20, 2012
Banks do not require you to list, however if you're eligible for a short sale this is very good and you won't have a foreclosure on your credit report. Let me know if I can be further of assistance.

Victor Espinoza
0 votes Thank Flag Link Tue Nov 20, 2012
No you are not required to list your home for sale. You have other options and you should talk to a Realtor about them.

0 votes Thank Flag Link Mon Nov 19, 2012
You are not required to list your home for sale but you may want to put it on the market and try to qualify for a short sale rather than allowing it to go to foreclosure.
0 votes Thank Flag Link Sun Nov 18, 2012
The short answer is no you are not required to list your home for sale. However if you are planning to do everything you can to prevent a foreclosure on your credit report by attempting to sell your home as a short sale, you will need to list your home with a professional and an expert in getting homes sold before the foreclosure occurs. A real estate agent that deals with short sales on a daily basis understands the process beyond the basics of listing a home. They know the process details, they understand how to deal with the banks and their investors and attorneys and have a better chance of postponing and/or stopping the foreclosure all together.
If you are wanting to protect your credit score and give yourself the chance to possibly purchase a home in the future please contact me to discuss your situation.
Randy Elgin - Broker Associate
Keller Williams Realty
0 votes Thank Flag Link Sun Nov 18, 2012
When a home owner falls behind on their mortgage payments the bank starts foreclosure proceedings. The home owner should at that point contact their lender to advise the lender of their situation and discuss what options are available as alternatives to foreclosure. The bank may offer or recommend some options to avoid foreclosure, including refinancing, loan modification or listing the home for sale. If the homeowner has enough equity in the home they can sell the home and payoff the lien. However, if the homeowner does not have enough equity in the home to pay off the lien from the sale proceeds then they would need to request approval of a short sale from their lender.
If you are a homeowner having trouble keeping up with your payments and you want to learn more about your options and foreclosure alternatives, you can learn more and dowload a free guide at my website
I am a Certified Distressed Property Expert and Short Sale and Foreclosure Resource and would be glad to talk to you to discuss your options. I am also able to help and advise homeowners looking to purchase distressed properties such as short sales and foreclosures in the San Antonio area.

Trudy Edwards, SFR, CDPE
(210) 595-9801
Keller Williams Realty Heritage
0 votes Thank Flag Link Sat Nov 17, 2012
The answer is no, banks don't require it.
Should you allow your home to be foreclosed on? Also, no.
Call me to discuss your options ASAP. The longer you wait, the more chance you will actually be foreclosed on.

Justin Werner, ABR, CDPE, CRS, SFR
Accredited Buyer Representative
Certified Distressed Property Expert
Certified Residential Specialist
Short Sale & Foreclosure Resource Certified
Platinum Top 50 Realtor Finalist 2011
RE/MAX Exclusive
210-367-4757 Cell

Your Home Sold in 120 Days, GUARANTEED!
Save at least $2,500 on your next home purchase, GUARANTEED!
Do you know anyone falling behind on their mortgage payments? As a CDPE I can help.
0 votes Thank Flag Link Sat Nov 17, 2012
In a pre-foreclosure Short Sale yes, it is a requirement
0 votes Thank Flag Link Sat Nov 17, 2012
There are other options instead of letting your home get foreclosed. Call me at 210-846-6341 and we can speak about those options.
0 votes Thank Flag Link Sat Nov 17, 2012
If you are going to foreclose on a property, then you would be letting your trustee handle the sale.
Web Reference:
0 votes Thank Flag Link Sat Nov 17, 2012
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