Foreclosure can be an extremely strenuous and difficult period for an individual. It mainly occurs when a homeowner is unable to pay mortgage payments of their home. From filing of a complaint to eviction, it may take anywhere between 9 to 11 months on average for the process to complete. Fortunately, a person who is stuck in the middle of this tiring process is allowed to stay in their house until the case is complete.
Therefore, they have enough time to consider certain possibilities to save their home or at least minimize their loss. An underrated yet effective remedy is to sell the house. This option is much better than auction or short sale where owner of a house is unable to obtain any proceeds that are received over the value of their house.
Contrarily, when you sell a house, you can use the remainder amount after paying your lender to rent a space or finance a new house. Furthermore, lenders also consider selling a better option due to two reasons; firstly, it saves them money pertaining to foreclosure procedure and secondly, it ensures that they will obtain the total amount that is owed.
Conditions That Must Be Satisfied to Sell Property Under Foreclosure
There are two conditions that must be met in order to sell a property under foreclosure. Firstly, the sale proceeds must be higher than total value of the house. This will ensure that an involved financial institution can recover their amount.
Secondly, a transaction should be completed in under 90 days after judgment of foreclosure is passed, generally known as redemption period. This is the period before auction procedure is initiated for foreclosure process. Therefore, a swift and fast action is required to sell a house under foreclosure.
How Can a Real Estate Lawyer Help?
If you are planning to sell a real estate property which is under foreclosure, it can be highly beneficial for your case to hire a knowledgeable and experienced real estate lawyer. Your attorney will be able to negotiate terms with your lender and may help you to gain sufficient time to sell the property. They can also complete a market analysis and provide you with better guidance about selling viability of your house. In addition to that, your lawyer will also help you to prepare third-party authorization forms to negotiate with lending institutions.
Selling your home and foreclosure processes contain many legal and contractual technicalities, which makes it extremely difficult for an individual to pursue this option. Obtaining services of a lawyer will ensure that everything is legal, valid, and correctly processed from start to finish. Furthermore, a competent real estate lawyer will also suggest to you different course of actions available after evaluating the circumstances pertaining to your case that will protect your rights and may save you the maximum amount of money.
If you want to find out more about this subject or wish to schedule a free consultation session with an experienced real estate lawyer, it is suggested to contact Fitzgerald Law Firm by calling at (630) 946-6060.