Alaska pre-foreclosure home sale financing options include working directly with a buyer and short sales.
Selling your home in pre-foreclosure is one method that you can use to stop a foreclosure. Alaska pre-foreclosure home sale financing options allow you to work`directly with a buyer without going through a bank, which may be the easiest way to avoid foreclosure. However, the process can still be difficult and some homeowners will lack the capital needed for this type of sale.
Most of the foreclosures in Alaska take four months or less, and the lenders often do not go through the court system. If you are more than 30 days behind in your loan, the lender has the right to begin the foreclosure proceedings. The lender will send you a default notice and may leave a copy of the notice on your property, letting others know that your home is in pre-foreclosure. After sending you a default notice, your lender can place notices in newspapers and other public outlets, announcing that your home is to be sold through an auction.
As soon as the lender places the notice of sale by auction, you can begin a pre-foreclosure sale. Even though financing options for selling Alaska homes in pre-foreclosure are less strict than other states, you’ll only have a set amount of time to sell the house. If you do not sell the property before the public auction, the lender has the right to sell the property. You should let your lender know that you want to sell the house pre-foreclosure if possible. Depending on where you borrowed the money, the lender may give you more time to sell.
The option of Alaska pre-foreclosure home sales financing in which you still hold the note will help you sell the property faster, so many homeowners choose this option. The downside is that you essentially become the lender. You and the buyer make a contract that allows the buyer to make payments on the property over time. These loans often involve some type of balloon payment after a set number of years, which slowly cuts down on the total owed. A lease option is one of the more common types of financing. The buyer agrees to lease the land and make payments that go towards the down payment or mortgage.
Regardless of which Alaska pre-foreclosure home sale financing options your buyer prefers, you must inform your lender of the new deal, and get the lender’s approval. Financing options for selling Alaska homes in pre-foreclosure can be risky. Your buyer essentially takes on a new mortgage, letting you walk away free and clear, but you may not have enough time or money to make it happen.
QualitySmith can help you get home values and find professionals experienced in pre-foreclosure home sale financing.