Do you have a Los Angeles California house that’s in foreclosure right now? Many people going through the California foreclosure process want to get out from under that burdensome house and wonder if they can sell the house in foreclosure.
The short answer: yes. The long answer: it’s a little more complicated, but usually you can sell your property prior to foreclosure. Generally, the sooner you start, the better.
How to Sell Your Los Angeles House In Foreclosure
There are a lot of people in Los Angeles who have faced and are now facing foreclosure. Since the changes in the economy (especially in the last year during and after the Pandemic), a lot of lenders have been shifting the way that they deal with foreclosures. Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. The bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property.
While dealing with lenders during any part of the foreclosure process can be a huge pain, over many years of working with lenders to help stop the foreclosure process, we’ve learned a few tricks that will help you.
Working With Lenders During The Foreclosure Process
- Always over-communicate (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold.
- Don’t miss deadlines. If anything will be late, call with advance notice.
- Remember that lenders are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way.
- Start keeping careful records of every conversation. 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.
- Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each lender has its own policies to help borrowers avoid foreclosure.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the less options are available to you.
John Medina Buys Houses specializes in helping homeowners in difficult situations, including foreclosure around Los Angeles, Long Beach, and the whole state of California, get out of difficult situations and avoid foreclosure. In certain circumstances we can negotiate directly with the lender to reduce the amount you owe and (sometimes) even help you walk away from your property with cash.
If you need to sell a property in the Los Angeles area, we can help you.
We buy properties from people who need to sell fast.