Do you own a Santa Clarita CA house that’s in foreclosure right now? A lot of people that go through the CA foreclosure process don’t want to deal with the headache. They just want to get from under the house and want to know if they can sell the property during foreclosure to be done with it. The short answer: yes. The long answer: is a bit more complicated. You definitely don’t want to wait until the last minute but in general you are able to sell your property when it’s in foreclosure, as long as you sell prior to the foreclosure auction. The sooner you try to sell your home, the better.
Can I Sell My House in Foreclosure in Santa Clarita? – How it works
There are a ton of people in Santa Clarita who have faced foreclosure recently. With changing economic times and the Coronavirus (COVID-19) pandemic that is currently happening. Many more people will probably be going through foreclosure in the coming years. In response, many banks have been changing how they deal with foreclosures.
Don’t forget, the bank that carries your mortgage doesn’t want to foreclose on your house and have it be abandoned. Banks aren’t in the real estate business, they are in the business of lending money. They make the most money by lending money to you and having you make timely payments. If you can’t pay, they want you to avoid foreclosure by selling the property. That way they don’t have to figure out what to do with a vacant property. Even though banks would rather you sell the property than go through foreclosure, they can be very difficult to deal with. Over many years of working with banks, we’ve learned a few tricks that will help you through the process.
Working With Banks During The Foreclosure Process
- Always over-communicate with the bank (but don’t be annoying). If you keep them updated and let them know you’re trying to get it sold, they will be more willing to work with you.
- Don’t miss deadlines. Call in advance if you’re going to miss a deadline.
- Remember that bankers are people too. Don’t be overly dramatic, but you want them to understand what’s going on. Explain what’s going on and show your willingness to make it right.
- Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made.
- Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the specifics of your situation, you can slow down the sale process or even get it cancelled with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
- Don’t wait. Sadly, time is not on your side. The longer you wait the more back payments pile on and the fewer options you have.
SK Home Buyers specializes in helping homeowners in situations including foreclosure in Santa Clarita, Los Angles County and other parts of CA. We offer a variety of solutions to help people out of difficult real estate situations including avoiding foreclosure. In some situations, we can even negotiate with the bank directly to reduce the amount you owe and (sometimes) even help you walk away from the property with extra money in your pocket.
If you need to sell a property near Santa Clarita, we can help you.
We buy properties like yours from people who need to sell fast.