selling my home

josephinedimaria · Joined: 02 Oct 2008 Posts: 1 1.33 Dollars($)

can i sell my home even though im in foreclosure

elnoralittle · Posted: Thu Oct 02, 2008 1:06 pm Post subject:

you can work out a short sale with your lender.

brian1 · Posted: Thu Oct 02, 2008 1:25 pm Post subject:

Yes you can but you need to complete the sale prior to the foreclosure. If not any money left after a foreclosure will go to you. If you owe more than you can sell for then you will need the banks permission to short sale.

Good Luck

gmakerley · Posted: Thu Oct 02, 2008 1:55 pm Post subject:

be in contact with the lender to let them know you're trying to sell

elnoralittle · Posted: Thu Oct 02, 2008 4:55 pm Post subject:

I agree with Brian and George. Sometimes a lender will extend the time if they know you are going to sell.

I had a borrower once that had listed the property and the lender gave her an additional month to try to sell it.
Lenders don't want to lose money, if there is a reasonable belief that the property could sell and they won't take a loss, I am confident they might comply.

Be aware though, if foreclosure proceedings have started, it might very well be on your credit already.

smithsussane · Posted: Thu Oct 02, 2008 8:13 pm Post subject:

Hi josephinedimaria!

Welcome to Forums!

A short sale will be a better option for you. But you have to speak to the lender for that. You should inform the lender that you are planning to sell the property.

Feel free to ask if you have further queries.

Sussane

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

You don't need to contact your lender if you do not owe more than the home is sold for. Just make sure you do get a payoff since there will be fees and interest that need to be paid off.

If you do owe more than the home is worth then you will have to contact the lender and see if they will accept a short sale. This is when they agree to accept less than what is owed so that you can sell it at fair market value.

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