Can I Sell My House while it is in Foreclosure?

January 26, 2015

When a home goes into foreclosure, the bank is starting a process of reclaiming property that they have a lien on. Generally, foreclosure proceedings start after one or two missed payments and can take up to a year or more to complete. While the foreclosure process is ongoing, a homeowner has a variety of options. Can I Sell My House During a Foreclosure?Yes, you can still sell your property during a foreclosure as you still have a legal right to the property and any equity that you have built in it. Many times, homeowners will attempt to negotiate a short sale with the lender. Short sales allow the property owner to sell the home for whatever they can get for it. The bank typically forgives any outstanding balance or is only able to claim a portion of the balance according to state law. You May Be Able to Get a Stay of the Foreclosure Although selling the property is an option, it may be possible to stop your lender from moving on a foreclosure proceeding. This may be done by filing
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