Do you have a St. Paul Minnesota house that’s in foreclosure right now? Many people going through the Minnesota 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.
Can I Sell My House in Foreclosure in St. Paul? – How it works
There area bunch of people in St. Paul who have gone through foreclosure in the past few years. Since the market crash in 2008 the economy has changed, a lot of banks have been shifting the way that they deal with foreclosures.
One thing you need to remember,is the bank that carries your mortgage don’t actually want to see your home abandoned or auctioned. You need to understand that foreclosures are a huge expense to banks. The bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property. but 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 can help the average person get their way out of foreclosure.
Working With Banks During The Foreclosure Process
- Always over-communicate with the bank Call with any updates that you may have 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 and reasoning on why it will be late.
- Bankers are people too. explaining to them your situation and demonstrating your willingness to fix the problems to make it right really can go a long way.
- Keep Records of Conversations 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. ask for their full name and company of whom they work for.
- Explore all your options, including short sale, loan modifications, and bankruptcy, or the smartest way that we suggest is to sell to a cash buyer. They can save you from damaging your credit and possibly even put a little money in your pocket. Most cash buyers are experts in the real estate industry so they understand the ins and outs of how to get people out of real estate trouble.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you.
We specialize in helping homeowners in situations including foreclosure around St. Paul and the whole state of Minnesota 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 St. Paul, we can help you.
We buy properties like yours from people who need to sell fast.