Homeowners who can’t afford to make their mortgage payments might wonder how long they have to sell their homes before the foreclosure process starts. Knowing this information can help homeowners understand if they will be able to pay off what they owe on their homes and prevent them from further damages such as eviction.
How much time an individual has to sell their home before foreclosure proceedings can legally begin is what we’re going to answer today.
How Much Time Do I Have Before Foreclosure Starts?
The federal law allows 21 calendar days from receiving the default notice for mortgagors to take corrective action or 30 days to cure any other defaults.
If that does not occur, a mortgagee can give written notice of his/her election to declare the entire balance due if acceleration is permitted by the mortgage documents. Acceleration allows for foreclosure proceedings without giving prior default notices or without having to wait for the entire period to elapse.
Can I Sell My House?
Yes. Although the foreclosure process usually takes about a year, homeowners may still sell or rent out their house within certain periods and avoid nonpayment. Most lenders will require that you list the property on the market, advertise it and show it to potential home buyers.
Selling your house before foreclosure is highly beneficial. While foreclosures are among the biggest nightmares in life, selling the home prior to putting it up for public auction or when a bank initiates an eviction can prevent many of the negative effects that come with foreclosure, including damage to credit score and future job opportunities.
More benefits of selling your home before foreclosure include having the possibility of having extra money to start a new life from scratch. And if you work with a homebuyer company such as Kansas City Home Offers, you get to sell your house fast and for cash!