How Can I Sell My Home While it Is in Foreclosure

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How Can I Sell My Home While it Is in Foreclosure
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How Can I Sell My Home While it Is in Foreclosure

• When you have received a notification from your
  lender that you're in default and that it's going
  to foreclose, not everything is ruined, you still
  have options to choose from.
• First option is to try as much as you can to
  negotiate a deal to help you keep your house.
• Finally, you can also choose to let the
  foreclosure proceed but mitigate the damages.

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Permission

• First, seek permission from your lender to have a
  short sale. While doing this, it's recommended
  that you talk to someone who is in a position to
  make a definite decision instead of negotiating
  with clerical personnel who will be forced to
  pass the information over to someone else.
• Explain why you've not been able to pay and try
  to show them that it's not as a result of being
  irresponsible.
• In case the first official doesn't grant you
  permission, wait for a few days and go try
  another official.

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Work With Professionals

• Choose a real estate agent as well as an attorney
  to help you with the sale. The attorney is often
  selected by your trusted agent.
• Even though an extra expense is the last thing
  you want, working with qualified people will help
  you a great deal.
• You are not likely to be paying them up front,
  talk to them so you know how they get paid out of
  the sale proceeds.

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Slightly Lower The Pricing

• Putting the foreclosure houses up for sale can be
  the hardest thing because you want a price that
  will address the loan as well as the agent's
  commission.
• Before you list the house for sale, let your real
  estate agent advise you on the realistic price
  that you can expect to get.
• But many buyers out there normally look for
  houses in foreclosure because they know the price
  is not high.

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Get Approval From Your Lender

• Ask your lender to approve the highest bid you've
  got.
• In case the lender forecloses, the home will be
  auctioned and the highest bidder will take over
  the ownership of the property.
• Some lenders end up having to keep the property
  or take it back, which is not good for their
  accounting, so they are motivated to get it sold.

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Deficiency Judgment

• If the sale proceeds fail to pay off the whole
  mortgage, the lender is allowed to pursue a
  judgment but you can try to negotiate and if the
  lender agrees, he may not pursue the deficiency
  judgment.
• Better still, you don't owe as much as you did
  before the short sale and so even if he refuses
  to listen to you, your situation is now better.

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