I am in foreclosure> Does anyone know how i can sell this property fast to avoid foreclosure?

Question

I am in foreclosure> Does anyone know how i can sell this property fast to avoid foreclosure?

Answer 1

you could sell it for the amount owed, instead of what it is worth.  Hopefully you aren't upside down on that.

Answer 2

Work with your bank.  Ask if they'll do a ''short sale'' or work with you to help avoid foreclosure.  If you don't ask, you'll never know if they can help or not.

Answer 3

A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. Instead of buying from a seller, you are purchasing the property directly from the lender for a discount. For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $300,000. You write an offer to the lender for $220,000, which is accepted as full payment for the loan. This is a short sale. Why are they willing to take such a discount? Several reasons. First of all, banks do not like excess inventory and bad loans on their books; therefore, if they see an opportunity where they can sell the property without a huge loss, they will do it. Secondly, lenders know they could lose a lot more money if the property goes to auction. There are so many fees involved if the property goes to auction, that they would be better off taking the discount beforehand and be finished with the headache of it all.

Answer 4

There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first. Try http://www.speedyrealestate.info.

Goodluck!

Answer 5

If you are already IN forclosure, then there is no "avoiding" it. If you are close to forclosure then contact your bank about doing a "short sale" so that you can try to sell it before it does go into forclosure.

Answer 6

List it with a Realtor and price it to sell.