Is Selling Your Best Option?

Often the best remedy to get out of the foreclosure spiral is to sell your home.  If you decide to pursue a stop foreclosure sale make sure you are smart about it since time is limited.  The first thing you need to do is inform your lender of your intention to sell the property.  By doing so they may allow you more time to find a purchaser.  They may also expect you to obtain the services of a real estate professional who can aggressively market your property.

My suggestion is to use a realtor you are familiar with or one referred by a friend.  If that is not an option you can locate a real estate agent near you by going to the National Association Of Realtors website at:
 
www.realtor.org  

Don’t make the mistake of listing your sales price unrealistically high.  You need to sell fast.  You want to realtor to understand your urgency and present you as a motivated seller but not as a ‘desperate’ seller.


Other Stop Foreclosure Sale Options: 

-  Pre-Foreclosure Sale:   Also called a Short Sale or Short Payoff.  If your property's sales value is not enough to pay the loan in full, your lender may be able to accept less than the full amount owed.  This option can also include a period of time to allow your real estate agent to market the property and find a qualified buyer.  Monetary help may also be available to pay other lien holders and/or help toward paying a few moving costs.  If you pursue this option make sure that your lender will not make you pay the deficiency on what is owed after the sale goes through. 

-  Assumption:   A qualified buyer may be allowed to assume your mortgage, even if your original loan documents state that it is non-assumable.  Ask your lender if they would consider this option. 

-  Deed-in-lieu:   Your lender may agree to allow you to voluntarily "give back" your property and forgive the debt.  Although this option sounds like the easiest way out for you, generally you must attempt to sell the home for its fair market value for at least 90 days before the lender will consider this option.  Also, this option may not be available if you have other liens such as judgments of other creditors, second mortgages, and IRS or State Tax liens.  Additionally, the lender may sue you for any loss and report the uncollected loss to the IRS as taxable income to you.

For Sale By Owner:

Hey, let's face it.  Not everyone likes dealing with realtors.  If you decide to conduct a stop foreclosure sale by yourself I would highly recommend you seek help unless you are experienced in this.  If you're facing foreclosure you need to sell fast to avoid the limited timeline set by the lender.  You don't have time to fumble about and learn the ropes.

A resource I recommend that will give you all the help you need is located here.

And please review the FREE booklet located below entitled - 33 Ways To Sell Your Home Fast To Avoid Foreclosure

Learn 33 Ways To Sell Your Home Fast To Avoid Foreclosure:

If you decide that a stop foreclosure sale is your best option please read this FREE attached booklet:

click here

[in .pdf format]