Falling behind on your mortgage payment is quite common, but rarely ever talked about. Every single day people fall behind on their payments because of life events that happen. They don’t have enough money at the end of the month & unfortunately the expensive mortgage payment is put to the side & forgotten about. So, what do you do if you own a very nice house & want to try & sell before foreclosure? Is it possible to list your property once behind on payments?
Listing Your Home Before Foreclosure
You can still sell your home even after falling behind on payments! Your lender will continue to send you mailing stating you have fallen behind, that you are in default, that there may be legal ramifications. (Please speak with attorney or CPA regarding legal or tax advise)
If you are the owner of a newer or even a really well kept house that doesn’t need any work I would suggest listing it on the market to help avoid the foreclosure. Who knows, you may even have enough equity in the house to go put a downpayment on a nicer or newer home & get a new mortgage. Or, if you want to stay in your current home you may want to consider a loan modification or a refinance to pull some equity out. However, once behind on payments the bank may not be as willing to work with you.
Can Anyone List the Home?
You will need to get in contact with a Realtor who has experience in listing homes that are in default or behind on payments. They can guide you down the right path & show you how to properly work with the bank to satisfy the mortgage. A great Realtor will have a team of contacts to help you through the process if needed. Meaning they will have a great title company, mortgage lender, contractor referrals & any other service providers you may need. Click here for a Realtor Referral >>
How Long Do You Have to Sell?
In Wisconsin the foreclosure process generally takes 3-6 months to officially go through. Typically how it works is after 90 days of late payments the lender will issue a notice of foreclosure. Upon receiving that notice they generally don’t put the home up for sheriff sale for another 3-6 months. It is situation dependent. However, if you are only 30 days behind I would recommend listing the property sooner rather than later to avoid the foreclosure being files against you. (That Becomes Public Data Once Filed)
The Next Step
Depending upon your situation it might be a great idea to get the process started right away. However, if you are still confused as to what to do next feel free to fill out the form below or give our office a call at 920-215-4201. Or even shoot us an email at firstname.lastname@example.org
Look forward to talking with you soon!