can I sell my home in NC if it's in foreclosure?

Can I Sell My Home If It’s In Foreclosure in NC?

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Foreclosure occurs when a homeowner is unable to make their mortgage payments on time and has no way to catch up on the missed payments. Because a mortgage is a legal agreement between you and your lender, once you’ve defaulted on the loan, the lender can auction off the property to cover any outstanding debts, leaving you homeless and with terrible credit.

No one wants to receive a notice of foreclosure and yet, in a nationwide study, nearly 1 million Americans were afraid of losing their homes (U.S. Census Bureau Household Pulse Survey, fielded from July 27 to Aug. 8, 2022). And foreclosure can occur from a number of reasons, including:

  • Job loss and loss of income
  • Divorce or death of a spouse or partner
  • Mounting debt, including medical and credit cards
  • Moving without being able to sell the home
  • Natural disaster

Amran Property Investments, LLC is a local company operating in NC that has built their business by buying distressed houses and properties in the area for cash. They promise competitive cash offers without the hassle of dealing with real estate agents, title companies, traditional bank financing, and more!

In times of financial distress, it’s crucial to have a reliable partner who can offer swift solutions and alleviate the burden of foreclosure. With Amran Property Investments, LLC, homeowners facing foreclosure can find a lifeline through their efficient and transparent process of buying distressed properties for cash.

Their team of experienced professionals understands the complexities and challenges homeowners face when dealing with foreclosure. They prioritize providing compassionate and personalized solutions tailored to each homeowner’s unique circumstances, ensuring a smooth and stress-free transaction.

Moreover, Amran Property Investments, LLC‘s commitment to transparency and integrity means homeowners can trust that they will receive fair and competitive cash offers for their properties. They take pride in offering a hassle-free experience, allowing homeowners to quickly and efficiently sell their properties without the need for costly repairs or extensive paperwork.

By choosing Amran Property Investments, LLC, homeowners can rest assured that they are working with a reputable and trustworthy partner who has their best interests at heart. With their proven track record of success and dedication to customer satisfaction, Amran Property Investments, LLC is the go-to choice for homeowners facing foreclosure in NC.

What is Foreclosure?

Let’s say you or your spouse recently lost your job. You still have the same bills to pay but unfortunately you don’t have the money to cover your expenses, including your mortgage payment. What happens now? Even if you find another job the amount of debt you’ve accrued during that time might be too large for you to pay off in a reasonable amount of time. When this happens, the bank starts the process of foreclosure. Another example: Let’s say unexpected medical bills have piled up, leaving you struggling to keep up with your mortgage payments. Despite your best efforts, the financial strain becomes overwhelming, and you find yourself facing the possibility of foreclosure. It’s a daunting scenario, but there are options available to help alleviate the burden.

One such solution is selling your property for cash to a reputable company like Amran Property Investments, LLC. By opting for a quick cash sale, you can sidestep the potential consequences of foreclosure and regain control of your financial stability.

How Long Do You Have To Get Out of Your House After Foreclosure?

The steps for foreclosure in most states are missed payments, public notice, foreclosure, auction, and eviction, but the amount of time for each step varies based on state. You could have anywhere from 120 days to nine months before the bank can foreclose using either a judicial or non-judicial foreclosure. During this time, your lender will reach out to you by phone, mail, and email to let you know about the process.

The Different Types of Foreclosure

There are two different types of foreclosure you may experience:  nonjudicial foreclosure or judicial foreclosure.

What Is Non-Judicial Foreclosure? 

Non-judicial foreclosure is a legal process used by some states to facilitate the foreclosure of properties without the need for court intervention. In non-judicial foreclosure states, lenders can foreclose on a property by following a specific procedure outlined in state law, typically outlined in the deed of trust or mortgage agreement signed by the borrower.

The process usually involves the lender providing notice of default to the borrower, followed by a notice of sale, where the property is auctioned off to the highest bidder to recover the outstanding debt. Non-judicial foreclosure is often faster and less costly for lenders compared to judicial foreclosure, which involves court proceedings.

However, it’s essential to note that the specifics of non-judicial foreclosure laws vary by state, so borrowers should familiarize themselves with the process and their rights if they find themselves facing foreclosure in a non-judicial foreclosure state.

A non-judicial foreclosure is the fastest and cheapest way for a lender to foreclose on your NC property. It does not require taking you, the homeowner, to court and can be completed according to state statutes. In the case of non-judicial foreclosure, your lender repossesses your home to sell it and recover whatever debt is owed using what’s called a “power-of-sale” clause in the deed of trust. Not every state allows for this option but, if yours does, the lender will generally choose it to avoid any court costs.

What Is Judicial Foreclosure?

Judicial foreclosure is a legal process used in some states to foreclose on a property through the court system. In judicial foreclosure, the lender files a lawsuit against the borrower to obtain a court order to foreclose on the property. The court oversees the foreclosure process, including providing notice to the borrower, holding hearings, and issuing a judgment of foreclosure. Once the foreclosure is granted, the property is typically sold at auction to recover the outstanding debt. Judicial foreclosure can be a more time-consuming and costly process compared to non-judicial foreclosure, but it provides certain protections for borrowers, such as the opportunity to contest the foreclosure in court. The specific procedures and requirements for judicial foreclosure vary by state.

In states that require judicial foreclosure, your lender must file a lawsuit asking the court to issue an order to allow for the sale of the home. The lender must provide you with this letter. Whether you agree or not, you must respond to the letter or the lender will automatically win the case and be allowed to put your home up for a foreclosure sale. When the house is sold, you are still required to pay the difference between what you still owe on the mortgage and the amount the house sold for. 

Auctions are not like regular home sales and generally the house is not sold for market value. This means that even if your house is in great shape and worth a lot more than what is left on your mortgage, you may still find yourself owing tens of thousands (if not hundreds of thousands) of dollars for a house you no longer own! This is called a deficiency judgment. It’s an expensive and long process for lenders to take to try and recoup their debt, which is why most prefer a non-judicial foreclosure.

How to Sell Your House Before Foreclosure in NC

Let’s break down a few ways you can sell your house, depending on your time frame and situation:

Hire A Real Estate Agent

The first step most Americans think of when selling a house or property is to reach out to a local real estate agent. But there are pros and cons to this option when you are in a difficult situation such as foreclosure. Sure, a good real estate agent can list your property on the MLS and help you get it ready for open houses and daily showings, but they do all of this work so that at the end of the closing process a large chunk of your money from the sale of your house goes to them in the form of the agent’s commission. When you’re already suffering from a mountain of debt and need every penny to pay back your lender, a commission of 3% to 6% of your final sale price may be too hefty an amount to give up.

Plus, there’s the additional fear of not knowing when your house will actually close. Realtors may promise a lot, but at the end of the day you’ll still need to find the right buyer and wait 30+ days for a traditional close. For some homeowners who are facing auction and eviction, even waiting one month might be too long.

Short Sale

A real estate short sale occurs when a homeowner sells their property for less than the amount owed on the mortgage, with the lender’s approval. In a short sale, the proceeds from the sale are insufficient to cover the outstanding balance of the mortgage and other liens on the property.

The short sale process typically involves the following steps:

  1. Financial Hardship: The homeowner experiences financial hardship, such as job loss, divorce, or medical expenses, making it difficult to continue making mortgage payments.
  2. Listing the Property: The homeowner lists the property for sale with a real estate agent and advertises it as a short sale.
  3. Purchase Offer: A potential buyer submits an offer to purchase the property. This offer is contingent upon the lender’s approval of a short sale.
  4. Short Sale Approval: The homeowner submits the purchase offer to their lender along with documentation demonstrating their financial hardship and inability to repay the full mortgage amount. The lender reviews the offer and may negotiate with the homeowner and the buyer.
  5. Closing: If the lender approves the short sale, the transaction proceeds like a traditional real estate sale, with the buyer purchasing the property and the proceeds going to the lender to satisfy part of the outstanding debt.

Short sales can benefit both homeowners and lenders by avoiding the lengthy and costly foreclosure process. However, they require cooperation from all parties involved, including the homeowner, the lender, and any lienholders on the property.

It’s important to note that short sales can be complex transactions and may have implications for the homeowner’s credit and tax obligations. Homeowners considering a short sale should seek guidance from a qualified real estate professional or financial advisor to understand their options and potential consequences.

So, if you owe more on your house than it’s worth, your realtor may require what is called a short sale. A short sale is necessary when you owe more on your house than the property is currently worth. For example:  if you owe $200,000 on your house but in the current market it’s only worth $150,000, you must deal with a short sale. Though it may seem like a good option, it won’t be fast or easy.

To start off, you’ll first need to get your lender’s approval. To qualify for a short sale, you must prove financial hardship using documentation such as W-2s, medical bills, etc. For a situation such as loss of income, the lender will require that you prove that the loss of income is long-term and unlikely to turn around in your favor. If the lender approves the short sale, you will need to find a real estate agent and attorney that specialize in short sales, and they will still charge you the same amount as they would if you were selling your house with a traditional home sale.

If your foreclosure hasn’t dragged on for too long and you’ve maintained contact with your lender, it’s likely that they will approve the short sale. This allows them to avoid the time and expense of trying to foreclose on your property, while still recouping some of the loss from the missed mortgage payments. But for the regular American homeowner, the short sale will follow them for the next 5 to 7 years. 

You may have sold the house and been able to pay off some of your debt, but the short sale can damage your credit the same as if you had declared bankruptcy. The credit unions include the delinquency on your mortgage(s) to your lenders and the short sale on their records, making it nearly impossible for previous homeowners to get a credit card, buy a car, or move into a new house or property for the same amount of time as a bankruptcy.

Sell Your House AS-IS to A Cash Buyer

If you’re under a strict time restraint to sell your house before a foreclosure progresses to auction and eviction, you do have options! You can try to sell your property with a real estate agent, work with your lender to complete a short sale, or – best of all – turn to a trusted and reliable cash investor to help you with your situation.

Some of the benefits of selling to a direct cash investor include:

  • A quick and pain-free closing process.
  • Avoid paying any commissions or fees.
  • You won’t have to worry about marketing your house and waiting for a buyer.
  • No need to clean-up or complete any repairs!

When you sell your home as-is to a direct cash buyer, you not only can avoid losing your home to an auction, but you also may be able to sell the property for enough money to get out of financial debt. Moving on with your life without the burden of a monthly mortgage payment and debt hanging over your head is one of the best gifts you can give yourself!

Can You Stop Foreclosure Once it Starts?

Pay Off Your Loan & Fees

You’ve found yourself in a difficult situation. Your debt is adding up while your finances remain the same. It’s time to get serious and look at ways to pay down your debt quickly. Do you have any items you can liquidate? Maybe you have friends or family that can gift you money or provide you with a loan until you get back on track. If you are serious about paying down your debt and stopping foreclosure, you may need a financial professional to help you restructure your budget. Use one of these solutions or combine them all to help climb that avalanche of debt and get back to living a life free of stress.

Declare Bankruptcy 

As a last resort, bankruptcy may help you stop the foreclosure of your home but it comes with a high cost. The bankruptcy process is complex and will require a lawyer that specializes in bankruptcy law. If the court approves your petition, you will be entered into a government-approved credit counseling program and the bankruptcy will be reported on your credit report for 7 years. A bankruptcy affects all areas of your life, including when you try to purchase a car, apply for a credit card or bank account, and can disqualify you from future rentals.

The Homeowner Affordability and Stability Plan (HASP) 

If your debt is higher than your income, you may be eligible for the Homeowner Affordability & Stability Plan (HASP). HASP is a loan modification program targeted at borrowers who are at risk of foreclosure due to insufficient income. This government program was designed to help homeowners in the United States restructure their monthly payments to fit a limited budget. Apply for the program here to see if you qualify.

So yes, foreclosure proceedings can sometimes be stopped, even after they have begun, through various legal and financial avenues. Here are some common methods:

  1. Loan Modification: This involves renegotiating the terms of the mortgage with the lender to make payments more manageable for the borrower. Loan modification can potentially stop foreclosure by bringing the loan current or adjusting the repayment terms.
  2. Forbearance: In a forbearance agreement, the lender agrees to temporarily reduce or suspend mortgage payments, giving the borrower time to recover financially. This temporary relief can help prevent foreclosure while the borrower addresses financial challenges.
  3. Refinancing: Refinancing involves replacing the existing mortgage with a new loan, often with more favorable terms. Refinancing can help stop foreclosure by paying off the delinquent loan and establishing a new repayment plan.
  4. Selling the Property: Selling the property voluntarily, either through a traditional sale or a short sale, can stop foreclosure by satisfying the outstanding debt. However, this option requires cooperation from the lender and may result in the borrower losing their home.

It’s important to note that the effectiveness of these methods may vary depending on individual circumstances and the specific laws in your state. Seeking assistance from a qualified attorney or housing counselor can provide personalized guidance on how to stop foreclosure.

Here are some supporting links for further information:

These resources offer additional insights and guidance on the various options available to stop foreclosure proceedings.

Sell Your House Fast to a Cash Buyer 

Are you ready to sell your house but don’t have the time to wait 30+ days for a traditional close? Does a short sale seem like a fast way to ruin your credit? Prefer to pay off all your debt at once and get the bank off your back fast? A direct home buyer and cash investor might be exactly the solution you’ve been searching for! When you work with a trusted and reliable investor with a great reputation in your area, you’ll find a helpful company with cash on hand that is ready to purchase your home from your as-is. With a cash buyer, you can skip the lengthy process of foreclosure, eviction, and auction within a matter of days, and save your credit as well!

You may not get full market value for your house or property when you sell to a trusted cash investor, but the timeliness of a fast closing, and the lack of fees, required inspections, and commissions often balance this out at close. Best of all, because an investor can close fast, you can often close before the bank is able to auction off your property! This means you can sell the property for the amount that benefits you versus the pennies to the dollar price the bank will often try to sell your house for just to get it off the books.

We Buy Houses in Foreclosure & Pre-foreclosure – Get Your Offer Today!

Does the idea of finally walking away from a property without the storm cloud of foreclosure hanging over your head? Contact a real professional at Amran Property Investments, LLC to find out more and get a fair cash offer for your property today.

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