Do you have a Charlotte NC house that’s in foreclosure right now? Many people going through the NC foreclosure process want to get out from under that burdensome house and wonder can I sell my 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.
Can I Sell My House in Foreclosure in Charlotte? – How it works
There are a lot of folks in Charlotte who have faced foreclosure in the past few years. There have been over 1,200 civil foreclosure filings in Charlotte, Mecklenburg county annually over the last five years. Since the changes in the economy and the last huge wave of foreclosures that happened in 2008-2012, a lot of banks have been shifting the way that they deal with foreclosures.
The bank that carries your Deed of Trust 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 working with you to restructure the loan, reinstating the loan or if that is not possible, by allowing you time to sell your property before the foreclosure processes is completed they will be in much better shape financially than if they took the property from you. All that being said, dealing with banks during any part of the foreclosure process can be a huge pain in the butt. Over many years of working with banks to help stop the foreclosure process, we’ve learned a few things that could help you.
Working With Banks During The Foreclosure Process
- Always over-communicate with the bank (but don’t be annoying). Call with updates and show them what you’re doing to catch up the payments or to get your property sold. Make sure you are speaking with the loss mitigation department and not regular customer service or collections. (at bigger banks or servicing companies one department rarely communicates with the others)
- Don’t miss deadlines. If anything will be late, call with advance notice. Ask for extra time to make payments if you need it.
- Remember that bankers 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. Most homeowners hide from the their lender when they fall behind, if you are willing to communicate and show that you are trying to catch up many lenders will try to help you. If they have a good reason to banks can forgive penalties and interest or move fees and payments to the end of the loan allowing you to start making regular payments again without having to catch up all the arrearages.
- 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. If you make an agreement over the phone request that it is sent to you in writing. Save any notices you receive by email and regular mail as well.
- Explore all your options, including short sale, loan modifications, forbearance, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. More time can help you to get back on track or get the property sold. Each bank has its own policies to help borrowers avoid foreclosure.
- Don’t let the house sit vacant. Banks are legally allowed to “secure” properties they have secured by Deeds of Trust and will hire a professionally management company to take possession of your house if it is empty while the payments are not being made. They cannot do this if you or someone else is residing in the house, so don’t let them. You will be in a better position to negotiate while you are still in the house.
- 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 Charlotte house in foreclosure fast, call us now.
We specialize in helping homeowners in tough circumstances including foreclosure around Charlotte and the whole state of NC get out of difficult situations and avoid foreclosure. In certain cases, we can negotiate directly with the bank to reduce the amount you owe and we can usually help you walk away from your property with cash so that you have money to move and start over with the least damage to your credit.
If you need to sell a property near Charlotte, we can help you.
We buy properties like yours from people who need to sell fast.