Let’s start off by explaining what “Foreclosure” is. Foreclosure is the process of taking possession of a mortgaged property as a result of the mortgagor’s failure to keep up mortgage payments. Whenever a home goes into foreclosure, the bank is starting to process to reclaim 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 various options according to the Local Records Office in Bellflower, California.
Am I Able to Sell the House During Foreclosure?
Local Records Office says, “Yes”. You can still sell your property during a foreclosure as you’ve still got a legal right to the property and any equity that you’ve built. Many times, homeowners will attempt to negotiate a short sale with the lender. Short sales enable the property owner to sell the property for whatever they can get for this. The bank typically forgives any outstanding balance or is merely able to claim a part of the balance according to some laws in Los Angeles, California.
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