Can You Sell Your Home to Stop Foreclosure?

[Rick Howell]

If you’re worried that you might lose your home because you’ve fallen behind on your mortgage payments, then you need to find a way to stop foreclosure. For some people, this can be as simple as getting home loan modifications – but others may actually need to sell their home in order to stave off a foreclosure. Selling a home is a great way to stop foreclosure – if you can make the sale before the bank finalizes the process. When you’re focusing on selling a home quickly, here are a few tips that may help you get out quickly:

Work with a real estate agent. Although it may be tempting to save money by selling your home yourself, it will probably sell faster if you work with an agent. Selling a home requires the kind of marketing expertise that only a good agent can bring to the table. They’ll also be able to help you work quickly to get your home on the market. If you try to do it yourself, you may lose time by doing research – and if you skip the research, you risk not making a sale.

Set the right price. Pricing is always an important issue, but it’s especially crucial when you’re trying to stop foreclosure by selling a home. Make sure you set it low enough to attract buyers – you may lose some money in the process, but it will sell faster if the price is right.

A short sale may save you. Many people today are finding that they owe more than their home is worth. Today’s market is challenging for sellers, and a short sale may be an option to consider. While a short sale does hurt your credit, it’s also a sure way to stop foreclosure. It also lets you work with the bank on your terms, to a certain extent. At the very least, you’ll have time to plan your move.

If you’re concerned about a looming foreclosure, the best thing you can do is talk to your lender immediately. Getting in touch with them may help you stop foreclosure in its tracks. Of course, if the process is already in motion then consider selling your home. You may be able to save your credit and avoid additional stress by making a sale.