promissory note attached to the loan after the property transfer. Sometimes the lender releases the original homeowner entirely, but more often it does not. If state law allows, the lender can pursue you for this debt if the new property owner fails to keep up with monthly payments. This is a type of deficiency judgment, although it should not be confused with a deficiency judgment after a foreclosure sale. Here are some do’s and don’ts about selling your home to avoid foreclosure:
Do: Try to separate your emotions from the home sale
• If selling your home is your best bet to get a little cash out of it, then you need to make the most out of the sale. • This is understandably a very emotional time for you. You’re about to lose your house, the place you’ve called home for probably years — a home where you’ve collected a lot of memories and a home that you’re just not ready to let go. • While getting emotional during the sale is expected and normal, it’s important that you keep emotions out of the sale so that you’re able to sell your house for the highest amount in the shortest amount of time possible. So, get aggressive, and get your home sold fast! • To get your home sold, take these three factors into consideration: pricing, marketing, and condition. Below are some easy steps and insider secrets to make your home fly off the market in record time.
Do: Be realistic about what your home is worth
• When you’re selling to avoid foreclosure, pushing the
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