Do you have a Alabama house that’s in foreclosure right now? Many people are going through the Alabama foreclosure process want to get out from under that burdensome house and wonder if they can sell their house in foreclosure. In Short: yes. The long answer: it’s a little more complicated, but usually you can sell your property prior to foreclosure. Most times, the sooner you start, the better off you are.
Can I Sell My House in Foreclosure in Alabama? – How it works
There are a lot of folks in Alabama and all over the US who have faced foreclosure in the past few years. Since the changes in the economy and Covid, a lot of banks have been shifting the way that they deal with foreclosures.
Always remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. The bank stands to make a lot most money by helping you to avoid foreclosure by selling your property. However, dealing with banks during any part of the foreclosure process can be a huge pain and very time consuming. Over many years of working with banks to help stop the foreclosure process, we’ve learned a few tips and tricks that will help you.
Working With Banks During The Foreclosure Process
- Always over-communicate with the bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold. Give them all the information you can.
- Don’t miss deadlines. If anything will be late, call with advance notice. NEVER and I mean NEVER avoid them and not answer their calls.
- Remember that bankers are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way.
- Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made.
- Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you.
We specialize in helping homeowners in situations including foreclosure all over Alabama get out of difficult situations and avoid foreclosure. In certain circumstances, we can negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash.
If you need to sell a property anywhere in Alabama, we can help you.
We buy properties like yours from people who need to sell fast.