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Can still sell if foreclosure proceeding started

Just filed for delay of sale with courts, is it too late for me to try and sell the home myself and hopefully save my credit and pay off what I owe on the mortgage?
  • July 30 2012 - Cedar Rapids
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Answers (3)

It depends on where they are at in the exact process. If you have a auction date you need to be in a contract prior to that date and it will pause the process. 
I would not suggest selling it yourself. Short sales can be very complicated and this is one of those things that it is worth having experts who know how the process works batting on your side. 
I have a team that I work with and they are a life saver. I have seen them pull a rabbit out of a hat and negotiate things that I thought would be hard to come by.
If you do short your house it can be at no cost to you (always depends on each of the details involved). 
For instance, here in Colorado I have a client that I am helping Short Sale their home and they had an auction date in four weeks. 
We got it on the market, priced it aggressively and with in 5 days we had 23 showings and 8 offers. We got it under contract paused the process and my amazing negotiator is working out the details with the bank. As she has preexisting relationships with those at the different banks she makes the process so simple and knows what can and can't be done. 
I would call a Short Sale Agent out in your area and ask them to help navigate where you are in the process and help lay out some of the options that may be available to you. 
If you need a reference I am happy to provide you with someone. 
  • July 30 2012
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Yes, you could sell it but can you pay off the loan in full with the proceeds or cash you have saved? If you are being foreclosed it would seem that you have not been making payments so cash at hand would likely not be available. Is there equity in the property? If so why have you let things get this far before trying to sell? Or are you talking about trying to sell as a short sale? If that is the case you are likely too late, but you could ask.
  • July 30 2012
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Have you tried to contact your mortgage company at all? I would call and ask for the Loss Mitigation Department and see if they would be willing to allow a short sale.  It will not totally save your credit but a short sale is not as bad a mark on your credit as a foreclosure.
  • July 30 2012
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