Yes. Interestingly, even after you’ve been foreclosed on in the state of Michigan, you still have the right to sell the home and can do a short sale.
Many people confuse foreclosure, foreclosed on and pre-foreclosure. Pre-foreclosure refers to the time period between the first missed payment and the actual sheriff sale – the foreclosure date. A home is “foreclosed on” at a sheriff sale, and the bank now has 100% ownership – the homeowner no longer has a mortgage.
The earlier you start the short sale process, the better your chance for success.
| The most important reason to start your short sale process in the pre-foreclosure state – say after one or two missed payments – is to greatly increase your chances for success as it gives you, your agent, your attorney and your lender more time to find a ready and able buyer and to finalize all the details. Primary reasons for doing a short sale in the first place are to prevent a foreclosure from appearing on your credit record, and to also minimize the number of missed payments being reported to the credit agencies. Do yourself and your short sale team a favor and list your home as soon as possible. |
