Do you have a Northern Kentucky house that’s in foreclosure right now? Many people going through the 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 Northern Kentucky? – How it works
There are a lot of folks in Northern Kentucky 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.
You should know, 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.
Cutting the Foreclosure process short by making a successful sale is the best situation for you and the bank. Depending on the value of your house, its condition, and how much you owe the bank; you may be able to walk away with with a chunk of money after the sale. As an example, here are the numbers on a foreclosure property I purchase in June: The homeowner owed the bank $120,000. I purchased the property at $155,000. After paying off a a secondary lien on the house, the homeowner walked away from their burdensome house and mortgage with an extra $20,000.
Working With Banks During The Foreclosure Process
- Always over-communicate with the bank. Call with updates and show them what you’re doing to get your property sold. If you are dealing with a big bank, you will most likely have to repeat yourself. There is a good chance that you will speak to different people each time you call, and each new person will need all the details.
- 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.
- 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. Slowing down the process is especially helpful when your looking to sell the property before your credit record is affected.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you.
If you’re looking to sell your Northern Kentucky house in foreclosure fast, call us now.
We specialize in helping homeowners in situations including foreclosure around Northern Kentucky and the whole state of 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 Northern Kentucky, we can help you.
We buy properties like yours from people who need to sell fast.