Do you have a Raleigh, Durham, Wake Forest NC house that’s in foreclosure right now? Many people going through the NC 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.
Can I Sell My House in Foreclosure in Raleigh, Durham, Wake Forest? – How it works
There are a lot of folks in Raleigh, Durham, Wake Forest 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.
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 and sometimes a long process. 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. Sometimes it is easy to avoid talking to them, yet letting them know where you stand makes them easier to work with and more likely to help you.
- Don’t miss deadlines. If anything will be late, call with advance notice. If you have worked out a forbearance or some agreement, do not be late in paying it, this could put you right back to the beginning of the process, with even more fee and charges.
- 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. They want to work with you. They would rather figure out a way to keep you in the house than take the house to auction.
- 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. You may talk to many different people, so make sure you get their name.
- 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.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you. This is one case where time is truly of the essence. The additional charges on default mortgages add up quickly and then other fee get added like legal fees and property preservation fees.
If you’re looking to sell your Raleigh, Durham, Wake Forest house in foreclosure fast, call us now.
We specialize in helping homeowners in stressful situations including foreclosure around Raleigh, Durham, Wake Forest and the whole state of NC 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. Do not wait to long to get help. Time is not on your side when it come to foreclosure.
If you need to sell a property near Raleigh, Durham, Wake Forest, we can help you.
We buy properties like yours from people who need to sell fast.