If you’re wondering whether you can sell your Maple Shade, NJ house if it is in foreclosure, you’ve likely missed several payments of mortgage payments or are already being charged attorney’s fees by the lender. Whenever your mortgage company sends you overdue notices and warnings, it’s normal to feel paralyzed with disappointment, sadness, and a sense of panic.
Once you’ve exhausted your options for working out an alternative arrangement with your lender, you need to act quickly to get your Maple Shade, NJ house sold—or prepare to face foreclosure according to law.
How Soon Does Foreclosure Begin?
The foreclosure process, timelines, and rules vary by state and among mortgage companies, but according to New Jersey law, mortgage companies typically can begin foreclosure after just one missed payment.
Typically, you’ll receive a Demand or Notice to Accelerate letter, informing you of how much you owe and giving you 30 days to catch up. The lender may file a foreclosure complaint if you fail to pay within the period.
If you do not cure the default, and the court grants final judgment to the mortgage lender, the court will issue a writ of execution directing the sheriff to sell your house at public auction. Your home will be scheduled for sale once you receive notice.
The Best Time To Sell A Home Up For Foreclosure
Pre-foreclosure is actually the best time to sell. You have time to prepare your home for sale before the bank starts foreclosing, so that it shows well and sells for the best price.
Regardless of whether your mortgage company has begun the foreclosure process, you can still sell your home independently before your auction. In the event that you face long-term financial difficulties, rather than a short-term loss of income, selling your home may be your best option because your mortgage won’t disappear magically.
Preparing Your House For Sale
We recommend the following steps to help you plan your home sale:
1. Calculate The Value Of Your Home.
Get a home value estimate in less than two minutes by using an online tool. Alternatively, you might want to consult an expert before pricing your house.
2. Include What You Owe On Your Mortgage And Any Late Fees.
If you’ve been served with a foreclosure notice, you’ve likely missed several months of mortgage payments that you’ll need to make up to the lender, along with late fees. You can use your most recent foreclosure communications from the bank to find out what you owe, including all outstanding principal and interest, and subtract that amount from your estimated sale price.
3. Determine How You Will Sell Your Home.
It’s not easy to sell a house if you’re facing foreclosure. Reach out to a real estate agent who specializes in selling pre-foreclosure homes instead of going it alone.
Hiring an agent entails additional expenses. To attract potential buyers, you might need to repair and stage your home. For his efforts, the agent will also ask for a commission. That money would have gone to your mortgage payments.
If you don’t have the money to stage your home, if you want to save up on the expenses that come with hiring an agent, consider selling your house to a cash home buyer. These kinds of buyers buy your house in its current condition and pay you according to the property’s current market value.
4. Stay In Touch With Your Lender.
Most lenders would rather work with you to sell your house rather than foreclose and sell your house at a loss.
The last thing you want to do is procrastinate waiting until the last minute to deal with foreclosure. You can increase your chances of selling your house while it’s still legally in your possession by facing it head on.
Sell Your Maple Shade House Fast
At Aim High Properties, LLC, we are your best-in-class cash home buyer in Maple Shade, NJ. We buy houses for cash in any condition and can close on your schedule. So you won’t have to spend additional money on repairs, maintenance items, or general cleaning to prepare your house for sale.
We will be happy to send you a no-obligation estimate for your home and take care of the burden of selling your house. To learn more about process, call us today at (856) 861-6000.