Real estate investments are tricky. If you’re living in a home you can no longer afford, you may need to sell it quickly. You may have trouble doing so, since even an experienced real estate agent will occasionally work with a home that fails to sell, for all sorts of reasons. Maybe the market isn’t favorable, maybe they just need more time to get a great deal.
That said, if you can’t find someone who’s willing to buy your house when you need them to, you may be wondering if you can live in your distressed home. Below, we’ll let you know what you need to consider when trying to stay in your home, what timeline you can expect for the foreclosure, and more.
Have You Filed Bankruptcy?
If your personal finances aren’t in order, you may be able to file for bankruptcy in order to delay the bank from foreclosing on your property. Depending on your situation, this may not give you much time to sell the home. But it can be useful for saving money or finding a good deal before the bank seizes your property.
Why is the Property Distressed?
As we’ve previously discussed, a distressed property is one that’s being sold because it’s been foreclosed, or one that’s in danger of foreclosure.
Along with the financial consideration of whether or not a lender is willing to let you stay in a home you no longer own, you also need to consider the condition of the home itself. If mortgage payments are unaffordable, there’s a good chance that repairs also weren’t affordable.
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