Can I Sell My Home in Pre-Foreclosure?

If you’re a month or so behind on your home’s mortgage payments, you may have received a foreclosure notice in the mail. Once you’re more than 120 days late on payments, your lender has the legal ability to reclaim your home, sell it to recoup their money, and, yes, force you to vacate the premises. If that alone wasn’t enough, a foreclosure also goes on your credit report and can drop your credit score by as much as 300 points, possibly more. There’s no telling how this can impact your ability to obtain a credit card, cell phone plan, auto loan, or another mortgage in the future.

For that reason, it’s easy to understand why foreclosure is the last thing you want to be dealing with. That’s why, in this blog, we’re going to be exploring how to sell your home fast in Tampa with the help of Ethical Home Buyers.

Related: Consequences of Foreclosure

What Is Pre-Foreclosure?

The stage you’re currently in, also known as pre-foreclosure, is the first step in the foreclosure process. At this point, the lender has filed a notice of default on the property because the borrowing owner (you) has exceeded the contractual terms for delinquent payments (typically a few months of delinquency or non-payments). During this stage, federal law protects homeowners from foreclosure so long as they are less than 120 days delinquent in paying their mortgage lender. In other words, this period is your final opportunity to potentially reverse the default status by making up late payments, negotiating a modification, or opting to sell your home before it reaches a final foreclosure eviction.

How Can I Sell My Home in This Stage of Foreclosure?

When you’re facing foreclosure, you have a couple of options for selling your home. First, you can go the traditional route of listing your home for sale and possibly hiring a realtor. While this is certainly considered the best way to get the full market value for your home, it can also take months, even years, to sell a home in this manner. It goes without saying that, in a pre-foreclosure scenario, you don’t have this kind of time. You may only have a few months or even weeks of notice before your house is foreclosed and maybe a year or less of a redemption period, which can make it incredibly difficult to sell your house on the traditional market through a realtor.

Fortunately, there are options for selling your home that are quick, easy, and relatively painless, like getting a cash offer from Ethical Home Buyers — an investment company that purchases single-family and multi-family homes throughout Tampa Bay, regardless of price range or condition. We don’t list your house for a commission or fee. In fact, you don’t pay us anything.

Just tell us about your house and, if it qualifies, we’ll make a reasonable offer within less than 48 hours. In some cases, we close in as little as 7 days and provide you with cash. There is never an obligation to sell if you are not satisfied with our offer. So, if you’re considering selling your home before it gets foreclosed upon, choose Ethical Home Buyers. We can proudly say that we buy homes for cash in Tampa, regardless of their mortgage status.

If you’ve been saying, “How can I get someone to sell your home fast in Tampa?” submit our contact request form or give us a call at (813) 458-7355.

Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.

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