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Are you located in El Paso? Is your house currently in or facing foreclosure? Many people navigating the foreclosure process in El Paso, want to free themselves from the burdensome situation and wonder if they can still sell their El Paso house. Many people facing this situation have uncertainties about whether properties can be sold in the midst of a foreclosure. Basically, the answer is yes. When you get into the specifics of the situation, though, things tend to get a little complicated. For the most part, you will be able to sell your home before foreclosure. As a rule of thumb, be mindful that the quicker you begin, the better off you will be.
The Process of Selling a Foreclosed House in El Paso
There are plenty of folks who live in El Paso that have had their homes foreclosed over the years. Because of economic changes, many banks have shifted the manner in which they handle foreclosures.
Don’t forget – the financial institution that is carrying your mortgage does not want your home to be auctioned off or abandoned. That is because the bank will make more money if they help you bypass foreclosure in order to sell the property. With that said, dealing with a financial institution at any point during this process could be a hassle. We have worked with many banks for as long as we have been in business, and have teamed up with them to help prevent foreclosures. In doing so, we have learned a thing or two that you may find beneficial.
Working with a Financial Institution During the Process of a Foreclosure
- Without being annoying, try to optimize the communication between you and your bank. Update them regularly, and keep them informed about the steps you have taken to get the property sold.
- Never miss a deadline. If you are concerned about making a late payment, give advance notice.
- Don’t forget – bankers are human, too. There is no need to be melodramatic, but be honest about your circumstances and demonstrate a willingness to rectify your issues. This will go a very long way.
- Keep meticulous records of the conversations that you engage in with financial institution representatives. Verbal agreements don’t count – you need everything in writing. Ensure that you keep a record of everyone that you talk to about what you were told, and all promises that you were given.
- Go over your options, whether that entails loan modifications, bankruptcy, or a short sale. Based on your situation, you might have the ability to slow the process of foreclosing down. Every financial institution has policies of their own to aid borrowers in preventing foreclosure.
- Do not wait. Sadly, time may be passing you by. The later you get with payments, the less choices you’ll have.
Get in touch with us today if you would like to sell a foreclosed house in El Paso as fast as possible.
Our company specializes in helping El Paso property owners when they are facing foreclosure. Our services are provided to residents of El Paso and the surrounding area. We help homeowners bypass foreclosure in a fair and fast way. In some situations, we will negotiate with your bank directly to minimize amounts owing. We might even be able to help you break free from your home with cash in your pocket.
If you are trying to get your home sold, and you live in or near the city of El Paso, contact us now.
We have purchased properties just like yours when homeowners needed to get their El Paso house sold as fast as possible.