Whether you are looking at alternatives to foreclosure, or simply wish to sell your home, a regular home sale is sometimes referred to as a “straight sale.”
A straight sale refers to the sale of a house for an amount that will pay off the mortgage. In a straight, the house may sell for more than the mortgage amount and the seller may make a profit (difference between the price paid for the home and the sale amount).
If you receive an offer to buy your house for the amount you owe or more than the amount you owe, you can accept the offer and simply pay off your mortgage in full at closing. Any money you receive for the house sale above the amount you need to give the bank to pay off the mortgage is your money to keep.
If you are in foreclosure and the day of the foreclosure sale is near, be sure you work with your lender or servicer to postpone the foreclosure sale. Many perfectly good sales have fallen through because the house went to foreclosure sale before the scheduled closing.
