Can I Sell My Egg Harbor TWP Home While in Foreclosure?

by Dec 1, 2021

Buying property can come with several risks. In case of an unexpected financial setback, you could find it difficult to make your mortgage payments on time, which can put you at risk of foreclosure. And if you don’t act immediately and ignore all notices or possible options to take action, you could end up foreclosing, losing your home, and taking a huge hit on your credit score.

One way of avoiding the worst of getting your house in Egg Harbor TWP into foreclosure is by selling it before it’s too late. However, you need to act fast as your options for selling become more limited and more difficult as time passes. Here are some of the ways you can sell your home while in foreclosure.

Understanding the Foreclosure Process

The foreclosure process and how long each stage will take can vary depending on your loan agreement with your lender. But here’s a general idea of how the foreclosure process can work and the stages where you can still sell your home.

The process for foreclosure can begin as soon as you miss your first payment. Some lenders may charge a late penalty, while some will send you reminders or offers to discuss your loan in case you’re experiencing hardship. During this time, you can choose to sell your home.
Around 120 days after your first missed payment, your lender can send you a notice of foreclosure, which means they have begun foreclosure proceedings. After your notice, you can still sell your home, but you will need the bank’s permission to sell. After the foreclosure is finalized, you lose possession of your home to your lender and you will be evicted from the property.

What Are My Options?

You have several options available to you to avoid foreclosure. One option is to speak to your lender after your first missed payment and before they begin foreclosure proceedings. Some lenders are willing to work with you to restructure your debt and make it easier for you to pay, with some even pausing your mortgage payments until you’re in a better financial position to continue paying your debt. Foreclosures cost time and resources, and some lenders are open to avoiding foreclosure proceedings and prefer working with their borrowers instead.

Another option is to file for bankruptcy. This can also take a hit on your credit score, but it is possible to prevent foreclosure and keep your home if you qualify for a Chapter 13 bankruptcy. During this type of bankruptcy, you can restructure all your debts so that they are more manageable. However, you will need to meet certain criteria to qualify for this.
Finally, you can opt to sell your home. By selling your home, you can use the proceeds to pay off your debt. Depending on your equity, you may have remaining proceeds to help you move forward after selling your home.

Selling When Behind Your Foreclosure

The time between your first missed payment and before your lender files a notice of foreclosure is the best time to sell your home. However, this can range from 90 to 120 days, so time is of the essence. The average home in New Jersey takes 79 days to sell, which means you won’t have a lot of time to work with when listing your property on the real estate market.

However, you have alternatives like selling your house to a professional homebuyer that can help you sell your home fast. Rather than waiting an average of 44 days for an offer, you can get a fair cash offer on your home within 72 hours after a property viewing. And instead of the typical 35-day close, you can close the deal in as little as 14 days. This can give you enough time to sell your home, pay off your debt, and avoid foreclosure proceedings.

Ready to Sell Your Home?

You have several options available to avoid the consequences of foreclosure. However, time is of the essence, so it’s important to act fast. At Anchored Homes, we can help you sell your home fast and receive a fair cash offer in a fraction of the time it takes to sell your property on the real estate market. Contact us today to schedule a property viewing.

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