Do you have a Simi Valley California house that’s in foreclosure right now? There are many people that go through the California foreclosure process and wonder if there is any way that they can sell their house that’s in foreclosure. The short answer: yes. The long answer: it’s a little more complicated, but depending on your situation and how far along the timeline you are, you can usually sell your house prior to foreclosure. The key thing in these situations is, the sooner you start the process, the better.
Selling Your Simi Valley House In Foreclosure – How it works
Although the Simi Valley housing market has been going strong for the past few years, there are still plenty of residents who have faced foreclosure over the past few years. Since both the housing market and national economy has gotten stronger since the real estate market crash, banks have changed the way that they do business regarding foreclosures. The bank that carriers your mortgage usually doesn’t want to see the house abandoned or sold at auction. This oftentimes costs them a lot of money and they would like to avoid these situations if at all possible. The best situation for them, surprisingly, is to help you avoid foreclosure. Depending on your lender, working with them through the foreclosure process may be a bit painful. Here are a few pointers that may help you along the way.
Working With Banks During The Foreclosure Process
- Communicate, communicate, communicate. Keep in constant contact with your lender and update them on what you are doing to get the house sold.
- Don’t miss deadlines. If you do have to miss a deadline for some reason, call them before the deadline and explain the situation.
- Remember that bankers are people too. If you show that you are genuinely trying to solve this situation, they will usually do their best to work with you. On the flip side, recognize the fact that they probably deal with a lot of dishonest people and will not give you the benefit of the doubt if you are dishonest.
- Start keeping careful records of every conversation you have with the bank. It is always good practice to record who you are speaking with and when. If possible, see if there is a way that you can follow up by email so that there is a paper trail that can be followed.
- Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation and how large or small the bank that holds your mortgage is, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
- Don’t wait. unfortunately, time is not on your side. The further behind you become on payments, the less options are available to you. One of the biggest mistakes we see Ventura County residents making is not reaching out for help until the day before auction. By then, it is usually far too late.
If you’re looking to sell your Simi Valley house in foreclosure fast, call us now.
Our goal is to help Ventura County homeowners with any and all of their real estate needs. We specialize in helping homeowners who are facing foreclosure in Simi Valley and throughout Ventura County. Depending on your specific situation, we usually try to negotiate directly with your bank to reduce the amount you owe and (sometimes) even help you avoid foreclosure and walk away from your property with cash.
If you need to sell a property near Simi Valley, we can help you.
We buy properties like yours from people who need to sell fast.