Despite our valiant efforts to repay mortgage loans, sometimes we are unable to do so. Either harsh economic times or unexpected bills come up. This missed mortgage results in a foreclosure notice. Yet, most people do not know they can still sell their Denver house before the foreclosure.
Once you receive the foreclosure notice, you have a bit of time in which you can sell the house. So, you have to maximize this time and find a buyer. But it depends on the type of foreclosure and the foreclosure process within your state.
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What Is the Foreclosure Process?
The foreclosure process starts once you neglect the repayment of your mortgage loan. In this case, the lender communicates to you the missed payment. If you still do not repay after three months, the lender issues a Notice of Breach. In Denver, this is a 90 days foreclosure notice.
In Denver law, you must sign a mortgage and promissory note for a mortgage loan. Once you are unable to repay this loan, the foreclosure laws thereby dictate that you will
- Get a foreclosure notice
- Have the opportunity to defend yourself in court
- Get a chance to repay the loan to prevent the sale of your house
Denver state law gives you 90 days to make the loan repayment. Or you can renegotiate with the lender for a loan modification or added time. This is your opportunity. Make the most of the situation by finding a buyer and selling the house.
How to Sell Your House Before Foreclosure?
Selling your house before foreclosure is not different from a normal house sale. You have to find a buyer. The only difference is that you have limited time to find that buyer. The time it takes to find this seller depends on
· The Pricing of The House
Since you do not have the luxury of time to find the best bidder, ensure your pricing is fair and competitive. Always remember that a reasonable price will find a buyer with ease. But, overpricing may drag the sale past the foreclosure date.
· The Market Rate for Similar Houses in Denver
Do not sell your house at a very low price because of the fear of impending foreclosure. In this regard, first, study the market prices in Denver and the demand and supply. For instance, if an equal house ranges between $420,000 and $505,000, list your house closer to $420,000. Do not rush and price it below $420,000.
· The Condition of Your House
The condition of your home dictates its price in the market. Once you realize that your house has a missed mortgage payment, prepare in advance. If you decide to sell the house, do repairs and painting to keep the house in top condition. This good condition gives your house more value in the eyes of potential buyers.
· The Loan Amount That Is Remaining
The entire loan is why you feel obligated to sell your house. If you have paid most of the loan, you are “above water”. But if the debt is higher than the house’s value, then you are “underwater”. The debt determines how much you can sell your house. If you are below water, you must make haste and find a generous buyer for your property in Denver.
Benefits of Selling Your House Before Foreclosure
There are certain benefits when you sell your house before foreclosure. This is because the lender will auction your house without blinking. Even worse, you must pay the deficient balance if the auction price cannot offset the entire debt. The lender can take the matter to an Denver court, and you might repay the remaining debt. In worst cases, they can auction your other property to offset their loan.
Moreover, selling your house before foreclosure safeguards your credit report. A negative report can prevent you from getting a loan in the future. You may have to wait another three years before you can get approval for another loan.
Alternatives to Selling Your House in Foreclosure
This comes as an alternative to foreclosure. In it, you negotiate with the bank to get permission to sell the house at a price lower than the debt. You may ask them to relinquish the remaining debt, but this is up to them. They can cross the debt as settled or seek the remaining balance.
This comes when you negotiate with the lender for a temporary relief period. Or even a softer payment period. You can prospect for suitable buyers and sell the house during this period. But you will still have to pay the periodic mortgage payments until you sell and repay the loan.
Assumable Mortgage Sale
This is where the lender allows you to sell the house and transfer the remaining debt to the new buyer. This option offers relief since the buyer inherits the loan balance. Finding a buyer in Denver is challenging unless you market it in the Assumable mortgage listing.
You can file for bankruptcy and proceed to sell your house during this protracted period. Once you file for bankruptcy on foreclosure, the Denver court will direct the order of relief. The order relief prevents the lender from auctioning your house. As a result, they have to negotiate a payment plan of up to 5 years. This affords you an automatic period where you can sell your house and offset your debt.
Most people despair once they get a foreclosure notice. They do not know that they can sell their house before foreclosure. Well, you still have some time to find a worthy buyer and sell the house while it is still your property. Put the Denver house for sale at a reasonable price and get the most money from it. As a bonus, you get to keep the extra amount if the price is higher than the loan debt. You are even allowed to enlist real estate agents to oversee the process.
James Martin is a passionate writer and the founder of OnTimeMagazines & EastLifePro. He loves to write principally about technology trends. He loves to share his opinion on what’s happening in tech around the world.