Can You Sell a House When it is in Foreclosure in Denver?
“Within hours after submitting my home information on their site I got a call back and an offer to my house. I ended up selling the house 2 weeks later. Thanks for taking the time to listen to my concerns and guiding me through this stressful time in my life.”
Can You Sell a Home During Foreclosure in Colorado?
If you are someone struggling to make payments due to a temporary situation, you might not need to sell your house now. For instance, let’s say you were put on temporary leave at your job due to unforeseen circumstances, but in a month or two, things will pick up right where they left off for you financially. If this is the case, you could probably contact your lender and explain your situation to them. They might be willing to put your loan into forbearance for a short time, and then you can restart your monthly mortgage payments while making up for the payments you’ve missed.
In today’s brutal economy, many people have simply lost their jobs or have had to take a tremendous pay cut by accepting employment at a much lower-paying job. This may have put their monthly payment out of reach. With no hope of ever catching up, this is most likely a situation where the house will need to be sold to avoid foreclosure.
What’s The Big Deal? Why Avoid Foreclosure?
There are more consequences to a foreclosure besides just losing your house. First, your credit score will take a big hit, dropping anywhere from 100 to 200 points. This will impact your ability to buy a new house and quite possibly rent a house or apartment. Also, a foreclosure will stay on your record for seven years, so you could struggle to get approved for any kind of loan, credit card, and more during that time. Finally, when the bank pays off the loan you couldn’t pay off, the IRS may actually consider that income. Now you’ll owe tax on that money! If you learn one thing from this piece, it’s this: Sell Your House Before The Foreclosure!</strong
“Fantastic Company, they were there to answer my many questions and they work quickly to resolve some lien issues that came up before closing. I will continue to use them in the future and also refer my friends and family to them.“
Your Selling Options When Facing Foreclosure
In many situations, a home owner who can’t make payments anymore has some kind of equity built up on the property. Equity is simply the amount of money the house is worth over whatever the remaining balance is on the loan. For instance, if a house is worth $200,000 but the loan balance is only $130,000, the homeowner has $70,000 in equity. This is the best situation to be in as selling the house will leave some starting over money for the seller. As you can see, selling before the process of foreclosure begins is a smart move.
A Traditional Sale:
takes time, so depending on how far behind on payments you are will dictate if it will work on your timeline. Since it’s a process many are familiar with, people prefer going this route.
A Short Sale:
happens when the opposite is true. You owe more money on the house than what it is worth. This is a much more stressful situation and you’ll need bank approval for the short sale to happen. As the seller, you might be on the hook for some or all of the money owed above and beyond the house price. No, it’s not the best outcome, but it is better than the dreaded F word.
No Foreclosure Means Freedom Faster
The foreclosure plight is currently sweeping through the nation, but that doesn’t mean you have to fall victim to it. Just the fact that you’re doing research now before it’s too late means you can get past this. Understand that picking up the phone and talking to a professional is the first step. There are many companies that will help you avoid foreclosure. And, depending on your individual circumstances, hopefully, you’ll be able to reinvest into a property with a smaller payment or put down a retainer on an apartment. Can I sell my house to avoid foreclosure? Absolutely. Should you? If that’s what it takes, rest assured, that you’ve made the right decision.
“I honestly never thought that selling a fire damaged house would’ve been so easy, fast and stress free..”
Do You Need To Sell Your House in Foreclosure?
We can buy your property if you need to sell it quickly for cash and help you avoid foreclosure. We have the resources and a lot of experience buying houses before the foreclosure in Denver and throughout Colorado.
If you would like to see exactly how much we can pay for your house, just fill out the short form below.
We Buy Houses All Over Colorado
“EXCELLENT!! Very friendly and accommodating.”
“I had an excellent experience, and recommend any person that needs to sell, to call them. I have no complaints. Everything I was told it was going to happened, it happened. Exact date, like I was told. Thank you!”
“I wanted to take the time to thank you and your team very much for the purchase of my mother’s home. You guys kept things simple and to the point, and closed in a short period of time, which made my mother feel at ease with the whole situation. Thank you again for all your hard work and making everything come together quickly!”
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