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Can I Sell My Home If It Is in Foreclosure?

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Foreclosure is a long and heartbreaking process for a homeowner. But, it’s not hopeless. When looking for a solution to defaulting on their mortgage payments, many owners float this question: “Can I sell my home if it is in foreclosure?” The short answer is yes.

Up until the home is sold at auction, you can rescue your home by selling it and paying the lender everything you owe, including back payments and penalties. And in some states, you  are allowed a “statutory right of redemption.” This is essentially a take-back period after the foreclosure—from 30 days to as much as two years in some places —in which you can repurchase your home.

“If you can pay off what you owe the mortgage company, including all interest and fees, you can take the home back or sell it if you have a buyer,” says Lou Sansevero, a Realtor® with Atchley International Realty, in Lakewood Ranch, FL.

How does foreclosure work?

A foreclosure starts when the homeowner is issued a notice of default after your fourth missed payment. The whole process can take from six months to one year or more, depending on the negotiations between you and your lender.

Can I sell my home after foreclosure has begun?

You can sell your home up until it is sold at auction or the bank takes possession of your house. During this period of time, the home is considered to be in “pre-foreclosure” and you can try to settle your debts with the lender.

One way to avoid foreclosure is to sell your home (with the help of an experienced agent) and net enough to pay off everything you owe the lender, including back mortgage payments, penalties, and fees. You won’t own your house anymore, but you won’t have the house foreclosed upon, which would do serious damage to your credit.

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Testimonial

Local knowledge: ★★★★★ Process expertise: ★★★★★ Responsiveness: ★★★★★ Negotiation skills: ★★★★★ This team is awesome! Julie patiently worked with my sister in town, and me, out of town. This involved a considerable amount of emailing, phone calls and duplicated work. She tirelessly took my phone calls at all hours. Also, she was available on weekends. Julie, our main realtor,

lacyca2003 Sold a home in 2014 in Montalvo, Ventura, CA 93003.

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The Lockwood Team has represented buyers and sellers on over 175 properties in Walteria and Victoria Knolls alone. The Lockwood Team are proud Sponsors of the Annual National Night Out Walteria Block Party, which promotes the neighborhood watch and sense of community. It is the biggest block party in Torrance. Each transaction supports the Children’s Miracle Network and children in our South Torrance Schools.

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