Do you live in Fayetteville, NC and are facing foreclosure right now? Many people going through the North Carolina foreclosure process want to get out from under that burdensome house and wonder if they can sell the house while still 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. In fact, selling a house in foreclosure is commonly how homeowners resolve the issue.
Generally, the sooner you start, the better.
How Can I Sell My House in Foreclosure in North Carolina?
There are a lot of folks in Fayetteville who have faced foreclosure in the past few years. Since the changes in the economy, COVID hardships, layoffs, etc… a lot of banks have been shifting the way that they deal with foreclosures.
If your house is in foreclosure right now, don’t be scared! Keep in mind that the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. It’s a massive hassle for them, it’s incredibly stressful for you and it hurts all parties involved. In fact, 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. 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.
- Don’t miss deadlines. If anything will be late, call with advance notice.
- 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.
- 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. It helps to have documented steps of how you’re resolving the foreclosure or getting your property sold
- 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.
We specialize in helping homeowners in situations including foreclosure around Fayetteville and the whole state of North Carolina 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.
If you need to sell a property near Fayetteville, we can help you.
We buy properties like yours from people who need to sell fast.