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Selling During Foreclosure

Selling Your Home While In Foreclosure


SELLING YOUR HOME IS ONE OF YOUR OPTIONS WHEN FACING FORECLOSURE

If you feel that it is necessary to sell your home for any reason and you are currently involved in a foreclosure proceeding, it may be very frustrating dealing with your Lender. We understand and can help guide you through this difficult period. We can offer the expertise to help you negotiate with the Lender for forbearance of the foreclosure proceedings. Lenders don’t want to take your home and would rather mitigate their losses with your cooperation. Selling the home and paying off the mortgage obligation is one of your options. But, there are other options available to you also. So, if you just need to talk with someone to help you evaluate what your best options are, we are here to help. Call us today. 

WHY DO LENDERS WANT TO FORECLOSE

Unfortunately, Lenders have an obligation to protect their investment. They made a mortgage loan to you in good faith and they expect you to re-pay the loan. In some instances a Lender is only servicing your loan for an Institutional Investor that had originally provided the money for them to make the loan to you. For this reason, this could cause the Servicing Lender a problem if they do not act promptly to protect the investment of Institutional Lender. They are required to perform what is called due diligence (appropriate carefulness). If they do not, they may be required to buy back the loan or be responsible for any losses incurred by their failure to act promptly.

MITIGATION OF LOSS

The Mortgagee (the Lender) has a responsibility to lessen (mitigate) their loss. In most instances the Lender servicing your loan may want to work with you to lessen the potential loss that could occur when foreclosing on a property.

If you suffered extenuating circumstances that caused you to fall behind on your mortgage payments and have the capability to afford the repayment of your loan in the future, they may help you with a work out arrangement.

If there is no chance you can repay the loan, it is better that you sell the home and cooperate with the Lender to resolve the problem. This will help you preserve your credit worthiness and allow you to purchase a home and get a loan at favorable terms in the future. 

Sometimes good people just fall on bad times. You’ve made the right choice to view this information on our website. Now it is time for you to make your Best Choice and do something about your problem. It is not wise to ignore the problem. It is much easier to deal with the problem. We’re here to help you. Don’t wait, call us today. 

Best Choice Real Estate Services, Inc.

1 (800) 984-5336  

“Life isn’t about waiting for the storm to pass…

It’s about learning to dance in the rain.” 

Author Unknown 


Best Choice Real Estate Services


 

 

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