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Can a Homeowner Sell a House While in the Foreclosure Process?

 Whether your home is valued for less than the amount owed on the mortgage, or equity has built beyond the mortgage amount, you own your home until the day it’s sold at auction by the lender. The fact that you’re behind in your mortgage payments triggers the lender to begin the action of repossessing its collateral. This may take months, and in some cases, years. A lender prefers a short sale over foreclosure.

Positive Equity

Your house is worth more than the amount owed on the mortgage but you're facing a financial hardship and can't make the mortgage payments any longer. The lender has instituted a foreclosure. Act quickly and put your home on the market for sale as a "fair market" listing before the actual foreclosure sale takes place. You'll sell the house, the lender will be repaid and you'll walk away with a few dollars in your pocket and won't sustain any credit damage. It's a win-win situation for all.

When to Short Sell

When you’ve determined that paying your mortgage is a hardship, you can’t afford it and the ancillary payments that go with it, that’s the time to investigate listing your home as a short sale – selling it for less than is owed on the mortgage. With your lender's approval based on your current financial distress, list the home with a certified short sale specialist from a local real estate brokerage. Do this even before missing your first payment.

Missed Payment

You’re in a downward spiraling market and have missed at least two payments. Your lender has sent you a demand letter asking that the payments be brought up to date. When you’re 90 days behind is when the foreclosure clock starts ticking. The lender sends you an official notice of default and notifies its foreclosure department to put your home into its database. You have another 90 days to negotiate with the lender regarding the back payments and can ask for a loan modification. In the meantime, your real estate agent is actively marketing the house for sale. If you haven’t had any offers, lower the price and hope your lender will accept the reduced amount. Do what you can to make your home attractive to buyers. You’re working to beat the foreclosure clock at this point.

Lender’s Preferences

Lenders prefer to work with an owner on a mortgage refinancing arrangement, and if necessary, a short sale. It costs them less than a foreclosure. Your job is to be in touch with your lender throughout the process, without putting your head in the sand. Your agent helps with pricing, your lender's asset manager works with your agent on vetting offers, and you work to keep your home in pristine condition. Don’t let your homeowners association – HOA – creep up and foreclose ahead of your lender. Pay your dues monthly.

Trustee Sale Notice

When you get the notice of trustee sale from your lender, you know your time-frame for selling is nearing a close. A minimum of three weeks will pass before the actual sale. You are still allowed to sign a purchase contract from a buyer at this point and have it submitted to your lender’s loss mitigation department’s asset manager handling your file. This is different from your lender’s foreclosure department.


Two things can happen simultaneously: you close on the short sale and a trustee’s sale, or auction, takes place. The short sale takes precedence and paperwork putting the short sale above the foreclosure is signed at the closing table.

Best Way to Market and Sell a House in Pre-Foreclosure

 The process of selling in a distressed situation depends on a number of details. Some of them are:

1. Is the borrower/owner behind in the payments or simply struggling to keep up?
2. Is the amount of debt higher than the market value of the property?
3. Has the lender contacted the borrower/owner with an intent to foreclose?
4. Is the property currently on the market?
5. Is there already a sales contract in place?
6. Is an adjournment needed or has one or two already been granted?

There are other issues that could determine the process.

Although selling may be an option, a distressed property owner has some options. Those options are also dependent on the overall situation. The biggest problem that I see as a distressed property specialist is wasted time. There are time frames inherent in the process, if the borrower/owner wants to get out of the situation with a minimum of damage to his/her credit.

In this situation, it is best to hire an agent who is certified and an expert in distressed sales. The right agent and attorney can mean the difference between a successful "escape" from the situation or a long-standing blemish on credit.

We hope the above is helpful. Please don't hesitate to contact us directly if you have any further questions or need assistance.


Books to Read

 Rashid Bhuiyan has accomplished many sales in such a short time in which he was gains the knowledge to help his clients accomplish their goals in selling their home! With sales experience in construction material & homes. Studied Marketing in his college days. His knowledge is there to help you to make your experience more smoother & simplified!


Home Improvement that Improve ValuesHome Improvements that Improve Values


By Rashid Bhuiyan


Thinking about making additions and improvements to your home? Too many times owners spend money they wont get back when they sell. Find out what improvements to make maximize the value of your home and which ones to avoid that will never get your money back when you sell.


Rashid Bhuiyan has laid out the best upgrades for a return on your investment and the worst. The guidelines in this book will help you make the right move. If you don't have time to implement them, you can high him to implement them for you.


Please Contact Us to find out what your home is worth for free! You can Purchase a copy of this book on Amazon


How to Advertise & Promote your Home

Ways to Advertise and Promote your Home


By Rashid Bhuiyan


Looking to sell your home? This book is perfect for you. It will go through the entire marketing process and detail ways that you probably didn't know about. Most realtors only have a few techniques they use. This book will cover the many ways that it is possible to use.


This book will detail the steps and entire process Rashid Bhuiyan will go through to advertise and promote your home. He will guarantee to take more steps and give more effort then most realtors.


Please Contact Us to find out what your home is worth for free! You can Purchase a copy of this book on Amazon


How to Sell Your Home for More Money

 How to Sell Your Home for More Money


By Rashid Bhuiyan


How much can you really get for your home? Chances are it's more then you thought. I've lade out strategies for each part of your home, to attract the most viewers and maximize your profits in this book.


This book was written to help homeowners who want to sell for the most possible. Inside this book they will learn how to stage and present their home, in order to get the most profit. These strategies are proven and will have buyers envisioning themselves in your home.

Please Contact Us to find out what your home is worth for free! You can Purchase a copy of this book on Amazon

Are you a homeowner and are thinking of selling your home without Realtor representation?  Have you attempted to sell your home by owner and failed?  If you were unsuccessful, I’d love the opportunity to talk with you about your real estate plans and objectives.  Contact Us so we can decide whether there would be a mutual benefit of working together on the sale of your Staten Island, NY home.