Putting Your House in Pre Foreclosure Listings is a Good Step

Pre-foreclosure is the event before the foreclosure. This means that you have defaulted in your monthly payments for three or more months in a row, so the lender sent you a notice that if you don’t pay your house, you will have to undergo foreclosure. This means that you still own the home, so you still have the authority to decide whether you would negotiate a modification with a lender, or you could put the property in pre foreclosure listings.

If you are in the pre foreclosure stage, you should avoid doing stupid things like not answering phone calls from your lender. In fact, you should start talking to them about options. You should find out how to avoid foreclosure fast, and if modification is not an option for you because you cannot afford payments, then it might be time to consider selling your home.

Why Put Your Home in Pre-Foreclosure Listings?

Pre Forelcosure Listings and Foreclosures

When your home goes in foreclosure, it will hurt your credit score badly. It means that it will take a long time before you can acquire another loan or worse, the interest rates of your current loans, may it be credit card or salary loan may be raised. This is enough reason for you to consider selling your home before your lender forecloses.

What to Do to Put Your Home in Pre Foreclosure Listings?

If you have decided that you will do a pre foreclosure sale, the first logical thing to do is to inform your lender. Although not every lender will offer a helping hand, most of them will give you ample time to sell your home.

After that, contact a realtor who will really help you, and will not treat you as a number. It is important that you evaluate the realtor you will get based on how he or they treat their customers. In this painful situation, it is extremely important that you will find someone to work with you.

Another thing you need to do is to prepare yourself. It will not be easy to negotiate a deal involving a property in pre foreclosure. There will be buyers who will haggle with you too much just because they think that you are in dire need to sell the property. You may hear criticisms and misconceptions from them too, so it is important that you are prepared to shake it off and not take it personally.

For most people in this situation, putting their homes for sale is a very difficult decision. In fact, the very reason that homeowners tend to delay the process is because they still want to find a way to keep the property they lived in for many years. However, you must be aware that unless are able to pay all the monthly payments you missed, and unless you can commit that you will be able to pay all the future monthly payments, then you could still lose your home and affect your credit score.

If your finances are really in a bad shape, the best decision you could ever make might be putting your home in pre-foreclosure listings.

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Filed Under: How To Save My HomeHow To Stop Foreclosure

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