If you’ve missed a few mortgage payments, you’re probably wondering when your lender will start the foreclosure process. Each lender is different, so it’s hard to say exactly when this starts. Typically, Nevada lenders can’t begin the foreclosure process until you’re more than 120 days past due.
After about three to four months of missed payments, you’ll likely receive a Demand or Notice to Accelerate letter. This letter tells you how much you owe. Most lenders expect to receive payment within 30 days. If you can’t catch up on the payments and don’t care to stay in your house, you can sell it during the pre-foreclosure process.
Why Pre-Foreclosure is the Best Time to Sell
The pre-foreclosure process is the best time to sell your house in Las Vegas. You still have some time before the bank initiates foreclosure, and you can sell it for a better price. You’ll even have time to make small repairs, if you choose. And by avoiding foreclosure, you can keep your credit intact.
If you don’t have time to make repairs or get top dollar for your property, you’ll have to work faster to avoid foreclosure. While you may have to sell your house for less, you can still avoid hurting your credit.
What happens if your house is already in foreclosure? You can still sell the property once the foreclosure process begins. Selling your house at this point will need to be done quickly, but you can still get rid of your mortgage and preserve your credit so that you can buy or rent something in the future.
Bottom line: You can sell your house at any time before the redemption period ends. If you’re able to sell the house for more than what you owe on your mortgage, you can keep the profit.
Next Steps for Selling Your Las Vegas House in Pre-Foreclosure
Here are the steps to selling your house in pre-foreclosure:
- Find out how much your house is worth. You can use online tools to get a rough estimate for what your house is worth.
- Calculate what you owe. Determine what you owe on your mortgage, along with any late fees.
- Subtract selling fees. It costs money to sell a house. Deduct fees for home staging, realtor commissions, closing fees, seller concessions and moving costs.
- Communicate with your lender. Keep your lender up to date – most lenders would rather have you sell the house than let it go into foreclosure.
Sell Your House for Cash in Las Vegas
We Buy Any Vegas House works with homeowners who are behind on their payments. We will make you an all-cash offer so that you can bypass the traditional selling process. We buy houses as-is, so you don’t have to worry about spending money on repairs, improvements, staging, realtor fees, etc.
If you’re interested in learning more about selling your house for cash, contact We Buy Any Vegas House today. Let us make you a competitive offer, and you can then make an informed decision that’s best for your situation! Best of all, you can avoid foreclosure!