Going into foreclosure can lead to a number of issues that can affect your finances in the years to come. That’s why, as much as possible, property owners should consider all solutions and possible loss mitigation options before their property is foreclosed on. If you’re a homeowner that’s missed their last few payments, you’re at risk of getting foreclosed if you don’t take action immediately.
One option many homeowners consider is selling their property before they can get foreclosed on. While you can sell your home before you’re officially foreclosed, there are laws in place to protect both you and your lender, which can make the process more challenging depending on which stage of foreclosure you’re in. Here’s what you should know.
When Can I Sell My Home?
From your first missed payment or loan agreement violation, your lender must take certain steps under the New Jersey Fair Foreclosure Act before they file for foreclosure. While some lenders may have more lenient policies, lenders in New Jersey aren’t allowed to file a foreclosure lawsuit until 120 days after your first missed mortgage payment. And even then, they’re required to provide you with loss mitigation options to help you make payments more feasible in times of financial hardship.
From your first missed payment up to their Notice of Intention to foreclose, you’re free to sell your home whenever you want. However, after your lender has filed a foreclosure complaint, it is possible to undergo mediation to discuss selling your home to pay off your debt, but this may have to be sold during a short sale. In this case, it’s possible that your debt may not be fully paid off even after the sale.
Selling to Avoid Foreclosure
Many homeowners opt to sell their home and then use the proceeds from that sale to pay off their mortgage debt. This is because foreclosure can lead to several pitfalls that can affect your financial standing and ability to get loans within the next few years.
However, not all sales may guarantee that your loan will be fully paid off. Depending on the equity you have on your home, you have to receive a certain amount from the sale of your property to pay off your debt. And during short sales, your remaining debt may or may not be forgiven by your lender, which may keep you on the hook for any remaining debt. That’s why, if you have to sell your home, it’s best to do it during that 120-day window from your first missed payment.
Sell to a Professional Home Buyer!
Selling within a 120-day window, however, is easier said than done. The average time it takes to sell a house in New Jersey is 77 days; this includes the 42 days to get an offer and a typical 35-day closing period. This gives you a very small timeframe to work with and with barely any room to buffer deals that have fallen through and any potential delays in a sale. So while selling on the real estate market may be the traditional option, it’s not the best place to sell if you’re racing against the clock.
At Quick N Easy Offers, we help homeowners sell their property within a short time frame by buying their houses directly. We buy houses in Middlesex, NJ and offer quick and convenient turnaround times that can help you avoid the risks of foreclosure.
Our buying process is simple: give us a call and we’ll schedule a property viewing appointment. No need for staging, repairs, or any unnecessary costs on your end. From there, you can expect a fair cash offer on your property within 72 hours or less. If you accept our offer, we can close the deal and transfer your money in as little as 14 days.
Contact Quick N Easy Offers to Learn More
Foreclosure can have a huge effect on your financial stability, so it’s best to avoid getting foreclosed. If you’re looking to sell your house to pay off your debt as soon as possible, skip the market and sell directly to Quick N Easy Offers. Our team can help you avoid foreclosure and provide you with a fair cash offer and a quick turnaround time for your ease and convenience.
Contact Quick N Easy Offers today to schedule your property viewing.
