Is your Louisville, KY house in foreclosure right now? Many people going through the KY foreclosure process want to get out of that situation 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. In most cases, starting sooner rather than later will help you be successful.
How It Works
Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. Abandoned homes are targets for vagrancy and vandalism. And auctioned homes typically don’t bring as much money as the bank would like to see. The bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property.
However, dealing with banks during any part of the foreclosure process can be a huge pain. Over many years of working with banks to help stop the foreclosure process, we’ve learned a few tricks that will help you.
Working With (Not Against!) Banks During the Foreclosure Process
- Over-communicate with the bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold.
- Don’t be late on any deadlines. Call and give notice if anything will be later than initially agreed upon.
- Remember that bankers are people too. Explaining your situation and demonstrating your willingness to fix the problems goes a long way and helps to build trust.
- Start keeping careful records of every conversation you have with the bank. 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, and make sure you understand them. Depending on your situation, you may be able to dramatically slow down the foreclosure process. Each bank 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 fewer options are available to you.
If you’re looking to sell your Louisville house in foreclosure fast, call us now.
We specialize in helping homeowners in situations including foreclosure around Louisville and the whole state of Kentucky get out of difficult situations and avoid foreclosure. In certain circumstances, we can negotiate directly with the bank 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 near Louisville, we can help you. We Buy Houses in Kentucky is owned and operated by husband and wife team, Daniel and Catherine Close. We buy houses as is, and we offer cash for houses in Louisville, Kentucky and surrounding areas, including: Bardstown, Fern Creek, Highview, Jeffersontown, La Grange, Lyndon, Mount Washington, Newburg, Okolona, Shelbyville, Shepherdsville, Shively, St. Matthews, Taylorsville and Valley Station. We also buy homes in Southern Indiana, including these areas: Clarksville, Jeffersonville and New Albany.
We buy properties like yours from people who need to sell fast.