If you own a Central Mississippi Mississippi house that’s in foreclosure right now, this is a great question. Many people going through the Mississippi foreclosure process want to get out from under that burdensome house and wonder if they can sell the house in foreclosure. Others contact us and they are trying to find a way to save themselves from the foreclosure and stay in the house.
The short answer: yes, ABSOLUTELY! The long answer: it’s more complicated, but usually you can sell your property prior to foreclosure. The sooner you start, the better, and teh more options you will have. Don’t wait and allow worry to overcome you and steal the time you have left to take action.
Can I Sell My House in Foreclosure in Central Mississippi? – How it works
There are many property owners in Central Mississippi who have faced foreclosure in the past few years. Since the changes in the economy, a lot of banks have been shifting the way that they deal with foreclosures. Most are willing to work with borrowers, but they still have laws and regulations that they are required to follow. Remember, the bank that carries your mortgage is in the business of lending money, not owning real estate. Your lender doesn’t want to see your home abandoned or auctioned. Their liability is increased when they own it, along with the expense of securing and maintaining the property. The bank stands to make the most amount of money by helping you to avoid foreclosure and seeing you sell your property. However, dealing with banks during any part of the foreclosure process can be a huge pain. Over many years of working with banks to help stop the foreclosure process, we’ve learned a few tricks that will help you. In recent years, we have seen the banks working harder to help people find a way to stay in their homes and avoid foreclosure. We are always happy when a property owner we have been assisting says ” I called the lender today to discuss my property, and they were nice to me.” Trust me there’s no benefit to them to be rude and you will work harder to help them to help you if they are nice!
Working With Banks During The Foreclosure Process
- Always over-communicate with the bank (but don’t be annoying). I can’t stress enough the importance of this. Call them before they call you, even when you realize you about to fall behind. An open and honest conversation will give you the most options. Before you fall behind, ask if they can defer one or two payments to the end of the mortgage. This is worked for many people and it could work for you too. Don’t dodge or screen their calls! Call with updates and show them what you’re doing to get your property sold.
- Don’t miss deadlines. If you are going to miss an important deadline, the sooner you call the better and you might just get the extension you need.
- Remember that bankers are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way. Be clear and to the point as it relates to your situation regarding the loan. Also remember this is a business call. If something you are about to share isn’t relevant to the process, they don’t need to hear it. Respect their time to do their job to help you.
- Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. I suggest you keep a note pad documenting the date/time (and time zone), who you spoke with, and the conversation highlights. Remember, most work on recorded lines and that can be pulled. I had this help me many years ago when I was marked over 30 days past due on my mortgage. I had called in the day before the deadline and was only offered the option of an overnight check. The employee had the ability to take my payment over the phone, but did not offer that. The lender was able to quickly find that recording from my notes and sent me and all three credit bureaus a letter to remove that from my credit fine. That’s how important it can be, so make sure to keep track of each person you speak with, what they said, and any promises made.
- Explore all your options, Ask about every option including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure. Our agent partner has specialized training in working with lenders and owners on a short sale and can be an invaluable help to you. A loan modification now will mean a higher interest rate so this may not be your best option. It’s important to read all the paperwork, exam the fine print, ask questions, and understand what you are agreeing to. Modifications can mean higher interest rates and payments; a Short Sale can come with a tax burden as you may receive a 1099 and have to pay taxes on the amount the lender writes off; Bankruptcy does not stop foreclosure, it only delays it if you cannot find a solution to bring your loan current.
- Don’t wait. Unfortunately, time is not on your side. Call the lender as soon as you know there is a problem. Take notes before you call and be prepared for questions and requests for documentation from you regarding your situation. The further behind you become on payments, the fewer options are available to you. We want to see people avoid foreclosure whenever possible.
If you’re looking to sell your Central Mississippi house in foreclosure fast, call us now.
We specialize in helping homeowners in situations including foreclosure around Central Mississippi and the whole state of Mississippi get out of difficult situations and avoid foreclosure. In certain circumstances, we can negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash.
If you need to sell a property near Central Mississippi, we can help you.
We buy properties like yours from people who need to sell fast.