We have our home listed for sale with a realitor. we are 3 months behind on mortgage and were told that we are going into foreclosure. If they start foreclosure can we still sell the house?
You can. You have to close escrow before the foreclosure date though. Your sale will not stop the foreclosure until what you owe has been paid off in full.
March 5th, 2010 at 5:58 pm
i doubt it
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March 5th, 2010 at 6:03 pm
No because you no longer are the legal owner and lost the right to sell.
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March 5th, 2010 at 6:28 pm
you can sell it until they do. if you sell it you wont have a foreclosure on your record. if they sell it you suffer foreclosue and they still come after you for thedifferencee between what you owe and what it sells for.
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March 5th, 2010 at 6:41 pm
Yes, you can sell the house right up to the moment that the foreclosure action is completed (meaning that you must close by that time frame). As a real estate agent, I have done that for more than one client in trouble.
Of course, you will need to sell for enough money to pay off the loan balance in full.
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March 5th, 2010 at 7:12 pm
Depends how much equity you have.
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March 5th, 2010 at 7:30 pm
You can. You have to close escrow before the foreclosure date though. Your sale will not stop the foreclosure until what you owe has been paid off in full.
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March 5th, 2010 at 7:36 pm
It depends on the state you are in. If the lender has not filed a foreclosure with court or the county, then yes you can. Some states have a redemption period after the sale date. For example Michigan has a 6 month redemption period after the sheriff’s sale. During that period, the homeowner can keep anything above the payoff on the mortgage and closing costs.
Also, the lender may postpone the foreclosure if they know you have the house listed on the MLS or have a buyer.
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March 5th, 2010 at 8:03 pm
The bank would rather have the house sold then to have to put another foreclosure on the books.
If you get an offer, the bank will have to agree to the sale, especially if it is a short sale.
Normally once the house has an accepted offer, the foreclosure proceedings are halted during the negotiation process.
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Realtor
March 5th, 2010 at 8:20 pm
As some of the other answerers said you are the legal owner until the moment of the foreclosure auction. But some states vary on how much notice is needed to be given to stop the auction.
If you do not have much equity, or you owe more than the equity you have you need to have a short sale done. Some agents can do this, but many do not truly understand the process. A short sale negotiator can work with your agent to get this done. The short sale will stall the foreclosure auction, and you will not have a foreclosure on your record. You can get more information at the site referenced below.
Kathleen
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http://www.KCRealEstateSolutions.com
March 5th, 2010 at 8:29 pm
Depends on your state laws governing the foreclosure process. For example in Minnesota the homeowner has 6 months from the date of the sheriff sale. The sheriff sale generally takes place within 5 months of default. So you need to search online for your state laws. Or you could ask your realtor.
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March 5th, 2010 at 9:18 pm
Nope, unless you sell the house within the next month before the foreclosure is final.
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March 5th, 2010 at 9:51 pm
http://foreclosuremortgageoptions.com/ has a lot of good information on everything about how to protect your house from becoming foreclosed, foreclosure laws, and how to buy houses on foreclosure auctions.
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http://foreclosuremortgageoptions.com/