Can I sell my house to stop foreclosure in North Carolina?

Yes, right up to the sale

You can sell to stop a foreclosure at any point up to the foreclosure sale itself. The obstacle is never permission, it is time.

A traditional agent listing typically takes four to eight months when you count listing, contract and a financed buyer's closing, which is usually too long once foreclosure is imminent. A cash buyer can close in 14 to 30 days.

After the sale there is still a 10-day upset bid period, during which anyone can bid at least 5 percent higher and restart the clock, but selling during that window becomes complicated.

What "in time" actually means

If your sale date is 30 or more days away, call us; we have room to work. If it is 14 days away, we might still have time, so call anyway. If it is tomorrow, we probably cannot help, but call anyway, because we may know other options.

We regularly buy homes at various stages of foreclosure and can typically close within 14 to 30 days. If your sale date is less than three weeks out, call immediately rather than emailing.

Why selling beats letting it run

A foreclosure stays on your credit report for seven years and drops your score by 85 to 160 points, and it makes a new mortgage nearly impossible for three or more years. A cash sale typically costs 20 to 40 points, because it is a normal sale.

Equity is the other half. Auction prices are typically 70 to 80 percent of retail value, so a foreclosure sale often does not recover what the house is actually worth. A proactive sale, even at 80 percent of value, can preserve tens of thousands of dollars of equity and keep the foreclosure off your record.

The other five options

Selling is one of six. The others are reinstatement, forbearance, loan modification, short sale and deed in lieu of foreclosure, and filing Chapter 13 bankruptcy can halt the process temporarily through the automatic stay, up to 10 days after the sale.

If a different one fits you better, we will say so.

Read the full foreclosure guide, or call us today. Every day matters.