Can You Sell a Home in Port Washington That’s in Foreclosure?

Can you sell a Port Washington home that’s in foreclosure?
Yes — but timing is critical. You can sell your home before the foreclosure is finalized, which may help protect your credit and avoid losing equity. Once the foreclosure sale takes place, however, your ownership rights end.

Understanding Foreclosure in New York

Foreclosure in New York is a judicial process, meaning it goes through the court system. It typically unfolds in these stages:

1. Missed Payments: Usually after 90 days of missed mortgage payments, the lender issues a default notice.

2. Lis Pendens Filed: The lender files a legal notice (lis pendens) indicating intent to foreclose.

3. Court Proceedings: The lender seeks a judgment to repossess and sell the property.

4. Foreclosure Sale: If unresolved, the home is auctioned at a sheriff’s sale.

Selling your home before the auction — called a pre-foreclosure sale — is still possible.

Selling Before Foreclosure (Pre-Foreclosure Sale)

• Communicate With Your Lender: Let them know you intend to sell. Lenders often prefer a sale over foreclosure since it repays the debt faster.

• Hire an Experienced REALTOR: Eric Berman, REALTOR, has experience coordinating with lenders and attorneys to meet deadlines.

• Act Quickly: Once foreclosure proceedings begin, you may have only weeks or months to complete a sale.

If your home’s market value exceeds your mortgage balance, you can sell normally, pay off the loan, and keep the remaining proceeds.

Selling for Less Than the Mortgage Balance (Short Sale)

If your home is worth less than you owe:

• You can apply for a short sale, where the lender agrees to accept less than the full payoff amount.

• Lender approval is required and can take several months.

• A successful short sale is less damaging to your credit than a foreclosure.

Important Considerations

• Credit Impact: Both foreclosure and short sales affect your credit, but selling before foreclosure is far less damaging.

• Deficiency Judgments: In some cases, lenders can pursue the remaining balance after a short sale — though this can often be negotiated away.

• Legal Guidance: Always work with an attorney experienced in foreclosure or short sale transactions in New York.

How Eric Berman Helps Port Washington Sellers

Eric Berman, REALTOR, assists homeowners in financial distress by:

• Evaluating your home’s market value to determine sale options

• Coordinating with your lender to manage deadlines

• Marketing the property to motivated buyers who can close quickly

• Connecting you with trusted attorneys for legal protection

Bottom Line

You can sell your Port Washington home before foreclosure — and doing so may protect your credit and preserve your equity. The key is to act quickly and work with professionals who can navigate the process.

Facing foreclosure in Port Washington? Contact Eric Berman for a confidential consultation and a plan to sell before it’s too late.

Meta Description:
Can you sell a home in Port Washington that’s in foreclosure? Yes — learn how pre-foreclosure sales and short sales work with guidance from REALTOR Eric Berman.