Are you a homeowner in Kenosha-Racine, Wisconsin, with a house in foreclosure just now? Unfortunately, many Wisconsin folks have to go through the foreclosure process. If the bank is foreclosing on your home, you may wonder if you can sell the house in foreclosure to get rid of the burden. The short answer is—yes, you can sell a Wisconsin house in foreclosure. The long answer is a bit more complicated—but you can usually sell your home right up until it’s sold at auction or the bank repossess it.
Can I Sell My House in Foreclosure in Kenosha-Racine? How it Works
During the past few years, many folks in Kenosha-Racine have gone through the foreclosure process. However, banks try to avoid foreclosures as much as possible. So, very often, it’s possible to come up with a solution before you lose your Wisconsin property.
It’s always good to remember that mortgage lenders never want to see a home abandoned or sold at auction. Banks are in the businesses of making money, not dealing in real estate transactions. Your lender will make the most amount of money if they help you avoid foreclosure altogether. Even though banks and mortgage lenders try to help hard-up homeowners as much as possible, dealing with them is a huge pain.
Here at At Home Buyers, we have many years of experience in the Wisconsin real estate industry. We’ve discovered many ways how homeowners can avoid foreclosure and all the implications that it brings. So, we want to share a few tips with you to help you out of a challenging situation.
Working With Banks During The Foreclosure Process
If you’re in the situation where foreclosure is looming, you are probably facing a ton of other problems. Serious cash flow issues, poor health, or becoming jobless can all result in missing mortgage payments. After a few months of payments of not paying your mortgage, you will start receiving final notices from your lender.
What should you do if your house is threatened with foreclosure? Here are some ways to deal with your lender:
- Over-communicate—Always keep in close contact with your bank. If anything, you need to over-communicate instead of letting matters pass. Call your lender frequently with updates. Let them know what you’re doing to sell your house. Of course, never call so much that you start to annoy them.
- Keep to deadlines—It’s crucial to keep to any deadlines the bank imposes. For example, if they offer you forbearance under a hardship scheme, work hard to keep to the new payment plan. If you expect something to be is late, call in advance to let them know.
- Lenders are also people—Remember that many lenders are sympathetic to the plight of homeowners. So—without being overly dramatic—explain your circumstances. Make it clear your willingness to resolve the situation. Show them a plan on how you could keep up with some payments.
- Keep records—Make a written record of all communication you have with your bank. This means writing down the names of people you spoke to, what they said, and any promises made. Save all emails and other correspondence you receive from your bank.
- Explore all your options—If you are facing foreclosure in Kenosha-Racine, there can be many options to prevent foreclosure. Some of these include a short sale to avoid foreclosure, loan modification, selling your house, or even bankruptcy. Finding the best option for your circumstances can help to slow down and even stop foreclosure.
- Act fast—Always act as quickly as you can. The more time passes, the fewer options you have.
Sell Your Wisconsin Home in Foreclosure
We specialize in helping homeowners who are facing financial difficulties and can’t make mortgage payments. We have helped many folks avoid foreclosure in Kenosha-Racine and other areas of Wisconsin.
Depending on your situation, we can negotiate directly with the back to reduce your monthly payments. Sometimes, we can also help you walk away from your property with cash.
We buy properties like yours for cash and can make you a fair price offer on your house today. You can sell your Wisconsin house fast because we can usually close the deal within seven days or less.
If you need to sell a house near Kenosha-Racine, we can help you.