Do you have a Birmingham, AL house that’s in foreclosure right now? Many people going through the Alabama foreclosure process want to get out from under that burdensome house and wonder if they can sell the house in foreclosure. The short answer: yes. The long answer: it’s a little more complicated, but usually you can sell your property prior to foreclosure. Generally, the sooner you start, the better.
Can I Sell My House in Foreclosure in Birmingham? – How it works
There are a lot of folks in Birmingham who have faced foreclosure in the past few years. Since the changes in the economy, a lot of banks have been shifting the way that they deal with foreclosures. With COVID seeming to never end and the recent moratorium end in 2022, it can feel like you’re running out of options and you’re in a deep hole. Foreclosures are happening a lot more frequently as a result of the economy, inflation, and update in policies.
Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. The bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property. However, dealing with banks during any part of the foreclosure process can be a huge pain. After many years of working with banks to help stop the foreclosure process, we’ve learned a few tricks that will help you.
Working With Banks During The Foreclosure Process
- Always over-communicate with the bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold.
- Don’t miss deadlines. If anything will be late, call with advance notice.
- Remember that bankers are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way. With this in mind, try to consistently talk to a banker that you have rapport with and also ask how they are. These bankers have many clients, are always busy, and few people ask how their day is going. It can be a huge difference for them to hear that other people actually care.
- Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made. We’ve all had people go back on their word, it sucks when you promised one thing but then do a complete 180 and tell you otherwise. Keep notes of what people said on a piece of paper or on the notes app of your phone.
- Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you.
If you’re looking to sell your Birmingham house in foreclosure fast, call us now.
We specialize in helping homeowners in situations including foreclosure around Birmingham and the lower Tennessee region get out of difficult situations and avoid foreclosure. In certain circumstances, we can negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash.
If you need to sell a property near Birmingham, we can help you.
We buy properties like yours from people who need to sell fast.
Avoiding Foreclosure – Other Resources
The U.S. Department of Housing and Urban Development has an excellent resource on avoiding foreclosure in Alabama. Click here to visit the page.
Here is another option exploring how to stop the foreclosure.