Can I sell a house while the foreclosure paperwork is being filed?

Asked by Sara

2 Answers

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Answered by Paul Carag, Financial Adviser in Renton, WA
Sara, let me get some more information first. Are you saying that you're selling your home (meaning, it's been listed and an agent is working to help you sell or you're selling it on your own) but you're about to be foreclosed upon for that same home? If that's the case, it really depends on the timeline to foreclosure. You can sell it before it goes to auction so you'd keep the foreclosure off your credit but you should definitely explore all alternatives and make sure you understand the timelines of your state. Let me know if this is the case so I can advise you further but the very first thing I would do is to contact the lender to see if there are any alternatives if you haven't already done that. | 09.12.15 @ 23:54
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 08:35
Answered by Dave Bradley, Investment Manager (Financial Advisor) in North Charleston, SC
Hi Sara,

Let's look at the bottom line. In general, until the auction has started by the court in foreclosure, you may be able to sell the house yourself. Will the proceeds from the sale pay off all the debt? If not, you may still be responsible for paying the rest.

Check with the court where the foreclosure is filed for clarification or ask your attorney.
We are not an Attorneys. You can contact us directly to discuss your financial situation. No obligation.

It's not what you make, It's what you keep that determines your lifestyle.

| 04.01.16 @ 23:37
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 08:35
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