Insure Me ADVERTISEMENT
Help, Advice, Community for people facing today's financial challenges.
Know your options - be a BetterBorrower.
ADVERTISEMENT
ADVERTISEMENT
Should I Sell My House?
 
That depends. If selling your house means you can avoid foreclosure and the long term impact that can have on your credit record, you should consider a sale. But first ask yourself this question: Do I Want to Stay in My House? If the answer is yes, talk to your lender about other foreclosure avoidance options that might be available to you. Click here to learn more.
If you no longer wish to own your home or want to consider selling your house as part of a comprehensive foreclosure avoidance strategy, ask yourself these questions:
· How quickly could I sell the house? 
·   What price could I get for the house? 
 
       -  Is the house in good condition and ready to market,
          or will selling the house require costly repairs and
          maintenance?
 
       -  What price could I get for the house, as is, without
          repairs?
   
       -  What price could I realistically get for the house in
          the present market? 
 
A real estate agent may be able to help you with answers to these questions. For a list of agents in your area, click here.  Also, many real estate investors specialize in purchasing houses through pre-foreclosure sales.  Click here for a list of potential investors in your area.
Other questions you should ask:
Will the price I can get for my home satisfy my mortgage debt obligation?
Contact your loan servicer to get accurate information on the exact amount you owe your lender. You will find the servicer’s number on your monthly mortgage bill or coupon book, or click here to find contact information for your Servicer.  You may also find contact information for loan servicing companies at the Hope Now Alliance website at www.hopenow.com.
If I can't afford to keep my house and can't get an amount equal to what I owe, will my lender let me settle my loan for less? 

     Sometimes they will.  Click here to learn about other

     options for transferring ownership back to the lender

     short of foreclosure. 

 

One way to avoid foreclosure is to sell your house before the foreclosure process gets underway.  Or, if your house is already in foreclosure, you can sell your house before the process is complete. Either way, if you and your lender can’t find a way to keep you in your home click here, or you no longer want to stay in your home, you are typically better off selling the property than having it taken from you through foreclosure. For a “how to” on selling your home, click here

 

Category:
ADVERTISEMENT

What they're saying... Wise words on money, foreclosure and credit from our featured columnists.


Read

Who’s to blame for the foreclosure crisis?






See our Terms of Use All information is made available as a resource and is not intended to provide individual advice. We do not guarantee the accuracy or applicability of the information or tools. All information and examples are hypothetical and for illustrative purposes only. We encourage you to seek advice from qualified professionals.
 
No Paws Left Behind Banner ADVERTISEMENT
Copyright 2009. Better Borrowers, Inc. All rights reserved.