If you’re thinking that your home might go into foreclosure, you might be wondering if it is possible for you to sell your house during the foreclosure process. Generally, it is not possible for you to sell your house once the foreclosure process has begun, as your lender will be in possession of your home, and the title along with it. If you’re looking to find answers to your questions about foreclosure, J Daniels & Associates can assist you.
Read on below to find out everything you’ll need to know about selling your house during the foreclosure process.
When you take out a home loan, your house is held by your lender as security. This means that your lender can repossess and sell the house if you fail to make repayments according to your loan contract. Foreclosure refers to the process when a lender takes possession of a property and sells after the homeowner fails to make their mortgage repayments.
Once your lender has possession of your house, you lose both any access and any authority that you might have had previously.
While it is not possible for you to sell your home once the foreclosure process has begun, the foreclosure itself may be reversible. Generally, it’s only too late to stop foreclosure once your lender has sold your property. J Daniels & Associates can discuss your options with your lender on your behalf, and explore other avenues for assistance.
In terms of foreclosure, the property affected is usually a home, since that is the property that you would have a mortgage on. If the sale of the home is enough to cover the remaining costs of your mortgage, in most cases, other homes or items may not need to be repossessed.
Once the foreclosure process is completed, you might be wondering if it’s possible to purchase your home back. Since foreclosure is the process of selling your home to cover debts, it may be unlikely that you would be in a position to have extra funding to buy back your house once your lender has put it on the market. However, if you can get approved for another mortgage at a later date once your debts have been repaid, it may be possible for you to repurchase your house at a later date.
J Daniels & Associates has more than 40 years’ experience and has helped 1,000’s of people successfully.
We advocate on our clients’ behalf with banks and creditors to stop home repossession, as well as helping to stop those in bankruptcy situations from being harassed by creditors. You shouldn’t have to live in constant fear, and that’s where we can help.
We aim to provide support services to those who do not know where to look, or who are confused about where to turn during the bankruptcy process. Our helpful advocates can assist you when you need it the most. We can give you confidential help, expert debt guidance and help you to find a personalised solution.
We don’t have any hidden fees, so you won’t have to worry about any nasty surprises. In addition to helping you to improve your financial situation, we can assist you in finding a solution to your mortgage issues. If you need help and support, give us a call today for your free consultation.
*Disclaimer: This article contains general comments and recommendations only. It is not intended to be and should not be construed as legal advice. This article has been prepared without taking account of your objectives, financial situation or needs. Before taking any action, you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs.
How long after A mortgage default can I get a mortgage? Table of Contents If you have a default on your credit record, you might