Can I sell my house in preforeclosure?




foreclosure sign

Can I sell my house in pre-foreclosure?

YES! You have until the day your home forecloses to sell it and stop foreclosure!

Until the title of your Jacksonville, FL home transfers to the new owner, you are the legal owner and can do what you like with the property, including selling it. The foreclosure process in Florida can be quite lengthy, so odds are you may even have more time than you think.

  • Get the right help. It is critical that you hire an agent who understands the Florida foreclosure process and knows how to sell property in preforeclosure.
  • Request payoff statements from your lender(s). Interest and fees tend to add up very quickly, especially once the foreclosure begins and the lawyers add their fees. You need to know just how much equity you have. 
  • Move quickly. Foreclosure may take awhile, but fees do not. Move quickly to salvage any equity you may have in the property. 
But what if there is no equity in the home?

It is very common for a home to have negative equity, especially after a lengthy period of non payment. NO PROBLEM! You can sell your home for less than what you owe in a short sale.

Do I need my lenders' permission to sell my home in preforeclosure?

No, you don't. As long as a sale of the property will cover its associated debts in full at closing, you need do nothing but sell and close before the foreclosure sale date. If you cannot cover the debts on the home with a regular sale, you will need to have your short sale approved by your lender. Your Jacksonville short sale Realtor will take care of this for you.

What if I just walk away and let it foreclose?

That is always an option, however it is a very poor one. The lengthy foreclosure timeline and fees will eat up any remaining equity that could have gone to you. Or even worse - Florida is a deficiency judgment state. That means if the lender has losses in excess of the homes value, they can pursue you after the foreclosure for their losses. 

Need help?

We've been specializing in helping homeowners avoid foreclosure since 2007, and we can help you!

We were lucky to find Minna. She is detail-orientated, highly knowledgable about the real estate market, and an expert at solving the problems that come up in any real estate sale. She is a sharp negotiator and I was impressed by the respect she commands among not only her colleagues, but the banks as well. Nothing gets by her! Minna is not only personable and a pleasure to work with, but she helped us find exactly what we wanted as well. We look forward to having Minna help us find our next home. We cannot recommend her enough!


Last Updated on February 12, 2024 by Minna Reid


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