Is your Mercer County NJ house in foreclosure right now? It can be scary going through the NJ foreclosure process, and many want to get out from under that burdensome house and wonder if they can sell the house during the foreclosure process. The short answer: yes. The long answer: it’s a little more complicated, but usually you can sell your property prior to foreclosure. Typically, the sooner you take action, the better. Wait it out too long and the bank hits you with so many fees that you may be stuck.
Selling Your Mercer County House In Foreclosure – How it works
There are many in Mercer County who have faced foreclosure recently, for a variety of reasons. Banks have been shifting the way that they deal with foreclosures, mostly because of recent market shifts.
Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned (Although sometimes they may not seem co-operative). The bank stands to make the most amount of money by helping you to avoid foreclosure and sell your property. However, dealing with banks during any part of the foreclosure process is most definitely a mind numbing experience.
Working With Banks During The Foreclosure Process
- Always communicate with the bank. Show them what you’re doing to get your property sold by calling them with updates.
- Don’t miss deadlines. If anything will be late, same as above, stat in communication with the bank.
- Remember that bankers are people too. Don’t take your fustration out on the banker. It will not help your situation. Rather explain your situation and demonstrate your willingness to fix the problems. That will go a long way to make it right.
- Start keeping careful records of every conversation you have with the bank. Document EVERYTHING. 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. (If you are recording the calls check with local laws, but you may need to inform them)
- Explore all your options, you can potentially do a short sale, loan modifications, or sometimes 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. You must act quickly, time is not on your side. The further behind you become on payments, the less options are available to you.
We specialize in helping homeowners who have found themselves in a sticky situation, including foreclosure around Mercer County and the whole state of NJ. Let us help you get out of a difficult situation and avoid foreclosure. Depending on the circumstances we can negotiate directly with the bank to reduce the amount you owe. There are even situations sometimes where you walk away from your property with cash.
If you need to sell a property near Mercer County, we can help you.
We buy properties like yours from people who need to sell fast, Let us help you.