Selling a House in Preforeclosure: What You Need to Know

If you find yourself in preforeclosure, it means you’ve missed several mortgage payments and your lender has issued a notice of default. While this situation is stressful, the good news is that you still have time to take action and potentially save your credit and equity. One effective option is to sell your home before it goes into full foreclosure.

What is Preforeclosure?
Preforeclosure is the stage between missing mortgage payments and the foreclosure process being finalized. During this period, homeowners are notified of their default and are given a chance to rectify the situation, either by paying off the overdue amount or selling the property. Acting quickly in this stage can prevent further financial damage.

Why Selling During Preforeclosure Can Be a Smart Move

1. Protect Your Credit: A foreclosure can stay on your credit report for up to seven years, severely impacting your ability to secure loans or credit in the future. Selling your house in preforeclosure can help you avoid this damage.
2. Save Your Equity: If your home has gained value over the years, selling it allows you to recover some or all of your equity. Losing your home to foreclosure could mean losing all of that hard-earned value.
3. Avoid Legal Complications: Foreclosure is a legal process that can be lengthy and stressful. By selling during preforeclosure, you simplify your situation and avoid the complexities of a foreclosure proceeding.

How to Sell a Home in Preforeclosure

1. Assess Your Home’s Value: Determine how much your home is worth and compare it to the remaining mortgage balance. If you have enough equity, selling should be straightforward.
2. Communicate with Your Lender: Let your lender know that you intend to sell the property. They may grant you some leeway to facilitate the sale and avoid a costly foreclosure process.
3. Consider Your Selling Options:
   • Traditional Sale: If you have time and your home is in good condition, listing it with a real estate agent may yield the best price.
   • Quick Sale to Cash Buyers: If you need to sell quickly, cash buyers can close in days and purchase your home as-is.
   • Short Sale: If your home is worth less than the mortgage balance, a short sale may be necessary. This involves selling the home for less than what is owed, with the lender’s approval.

Key Considerations When Selling in Preforeclosure

• Act Quickly: Time is critical in preforeclosure. The sooner you take action, the better your chances of avoiding full foreclosure.
• Price Competitively: To sell quickly, ensure your home is priced appropriately for the market. Working with a real estate agent who understands preforeclosure sales can be helpful.
• Understand the Legal Process: Each state has different laws regarding preforeclosure. Consulting with a real estate attorney can help you navigate the process smoothly.

We Can Help
If you’re facing preforeclosure and are unsure of your next steps, we’re here to assist. We can buy your house quickly for cash, take over your mortgage payments, or offer a lease option to give you some breathing room. Our goal is to help you avoid foreclosure and move forward with your financial stability intact.

Cash House Buyers

Our 3-Step Simple Offer Process…

Tell us about the property you want to sell by filling in the form below or calling 347-832-8251. We want to learn about your property before making an offer, that fits your needs.

We will call you and will present you with a fair cash offer for your property.

We set a closing date that aligns with your selling timeline and you receive cash for your property to move!

Sell Fast For Cash!

Here are just a few of the home sellers who have recently contacted us from

Staten Island, NY

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Safe Bailout Buys Houses In the Following Areas and Surroundings

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• We Buy Houses Hempstead
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• We Buy Houses North Hempstead
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• We Buy Houses village of Lawrence
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• We Buy Houses of Woodmere and Inwood
• We Buy Houses hamlet of Hewlett, along with Woodsburgh
• We Buy Houses Freeport and Bellport