Stop Foreclosure and Keep above Water

One way to stop foreclosure is, clearly, to sell before the lenders step in to salvage what they can of the mounting debt. So, having finally faced the financial problem and called for help, having painfully viewed the current financial picture, and made the decision; many home owners in financial distress face one more hurdle in the current real estate market. How do they sell in pre foreclosure and avoid foreclosure and the repercussions of losing the family home at the Sheriff's sale? The local papers are full of stories about the collapse of house prices in some areas, of homes lost to foreclosure because resetting monthly payments on ARM's are no longer affordable for former owners living beyond their means. It's likely that there are a lot of homes in the immediate community that are on the market, and they seem to have been there for a while. Time is against you now, so is it realistically possible to sell in time, and does your lender have to agree to the sale? Clearly the price is going to be less than might be expected when time and cash to titivate is not an issue, but who sells distressed price homes? If the property in question is subject to a Notice of Default, then that's a notice of public record and for sure very soon the home owner will most likely receive many mailings, phone calls, maybe doorknocking enquiries of many who claim to have immediate foreclosure help solutions. Don't turn them all away, some buyers will be investors looking to buy equity and some will have a number of suggestions on how to structure a deal. Depending on the amount of equity you stand to lose, or if there is little, how great your need for cash, then don't give into pressure, take your time and review the suggestions of those you can tolerate in your current state. Approach a local realtor who already has experience of dealing with foreclosure or REO sales. Be forthright and explain that you are selling stopping foreclosure, need to get an idea of what your property is worth "as-is" and to move quickly. If the total of the liens including lenders reinstatement penalties is already greater than the market value indicated then you are already "underwater" and will require lenders' consent for any sale at a value less than what is owed that lien holder. If you are selling knowing that the NOD is pending, then you will need the realtors' marketing expertise and any assistance of any special feature you can promote; location, size, condition, price flexibility. Curb appeal will still be important in this case, there is much you can do to present the house for inspection without cost, cleaning, clearing yard and interior clutter, sprucing up lawns, hedges, entrances, dingy nooks, with the help of family and friends if necessary. Rest assured, in today's housing market to stop foreclosures is in the best interest of both you and your lenders. Search foreclosure listings by State:

• Foreclosure listings in Indiana
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