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Foreclosure! Ten Ways to Save Your Home
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Consider Selling Your Home
It's a good idea to contact a real estate listing agent
early on in the process to at least find out how much you can get for your
home and how quickly. You're not obligated to sell, but if you decide that
selling is the best option, you'll have a head start.
While selling your home may not be an attractive option, it's better than having a foreclosure on your record, and if you have substantial equity in the home you may be able to come out of the deal with some money. Perhaps you just have more home than you can afford and after selling you can then buy a home that is within your budget.
You can check with the local tax office to see what value they have placed on your home but for a more objective estimate you can use a free online tool that estimates the true value of your home based on sales value other homes in your neighborhood
Click here for a free online appraisal.
If the amount for which you can sell your house isn't enough to cover the balance of your loan, the lender may agree to accept a reduced amount in a "short payoff" or "pre-foreclosure sale." You may also be able to receive some of the money to help with your moving costs or to pay off other lien holders.
A buyer may be able to assume your loan (take over your
payments) in order to buy your house. This can help you sell your house very
quickly, and it may be an option even if your mortgage contract says it is
non-assumable. Contact a housing counselor, real estate agent, or real estate attorney
to see if this situation might work for you.
HomeGain
offers a free service that allows you
to let local real estate agents know about the home you'd
like to sell so they can address your specific needs AND compete for your
business.
REALTORS® from local brand-name brokerages send you customized proposals. You can compare backgrounds, commission rates, and more. Best of all the agents do not see your contact information so there is no obligation, no pressure. They will send you customized responses including their credentials, business experience, and commission rates to compete for your business so you decide which one to contact.
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This article is a general guide only and is not intended to replace professional, legal or financial advice. Send this page to a friend