You clearly don’t want to lose your property if you’re a homeowner. However, things happen, and you can sometimes find yourself in a difficult financial situation where you struggle to keep up with your mortgage payments. If this happens, it’s essential to know how long you have before foreclosure occurs.
You probably don’t understand the foreclosure process or know how long you have until the bank takes your home away, but you’re at the right place. The following will provide a brief overview of what happens during foreclosure proceedings and how much time you typically have to sell your home before it’s too late. Keep reading!
How Much Time To Sell A House You Have Until Losing It In Foreclosure
Federal laws typically protect homeowners in foreclosure. In most cases, the loan servicer cannot initiate foreclosure until you’re at least 120 days delinquent. Once foreclosure starts, there’s no set time frame for when you must sell the property.
How much you have until the foreclosure process is complete depends on whether the process is judicial or nonjudicial. All of this also varies among states. The longer the process takes, the more time you have to sell your property.
FAQs About Selling Your House Before Foreclosure
Can Foreclosure Stop Once It Starts?
If you’re in foreclosure, you can work out an arrangement with your lender before the final day. If the lender’s attorney is involved, you’ll likely need to cover additional fees, including missed payments and late fees. Whether you pay that money independently or sell the home to unlock equity is your choice. So yes, you can stop it.
Is A Short Sale A Good Option?
Homeowners struggling to make mortgage payments, unemployed, or who owe more money on their home than it is currently worth may be eligible for a short sale. In a short sale, the homeowner requests permission from the bank to sell the house at a lower price than what they still owe on the mortgage.
To Whom I Can Reach To Sell My House Fast?
Home buyers are a fantastic option when you want to sell your house fast. You don’t have to worry about finding a real estate agent, dealing with showings, or waiting months for the sale to close. You also don’t have to pay any commissions or fees.
Avoid Foreclosure By Selling Your House To Plan B Homebuyers
If you think selling your house is the solution, consider Plan B Homebuyers. We’re professional home buyers who specialize in helping people sell their homes fast, regardless of the situation. We’re not real estate agents; we’re investors. Therefore, we don’t charge any commissions or fees.
At Plan B Homebuyers, we can close your sale in as little as seven days. Contact us today to learn more about selling before foreclosure!