CHAPTER 8 How to Avoid Foreclosur eclosure by Selling Your Home our Home
Can you sell your house to avoid foreclosure? Yes! You have the right to try to save your home until that point when it sells at an auction. By selling your home, you can manage to pay your lender what you owe, including missed payments and any penalties. Take note that once the Notice of Default has been filed, you might have only a few months to sell your home before your lender auctions it. Once you list your home, notify your lender. Selling your house before it forecloses is often the best option, especially in cases in which you have equity in the home. Why is that so? Having equity in your home means its value is higher than what you owe your lender. Therefore, you can sell the house, pay off the loan, and pocket any balance left. The advantage of selling your home before the foreclosure process is over is that if you play your cards well, you can sell 56
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