Mount Airy, MD asked in Foreclosure and Real Estate Law for Virginia

Q: Can a homeowner still sell the home that is in foreclosure and pay off the loan to the bank before the bank sells ?

The mortgage bank (Wells Fargo)will not allow any modified (smaller) payments, will not work out any forbearance plan until the total amount past due is paid first. The home just went into foreclosure. As homeowners can we still put the house for sale and pay off the bank loan before the house is sold by the bank ? Do we need the Bank’s permission to try to sell it before it is sold by the Bank and do we have to pay the past due amount before we can proceed with the sale ?

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1 Lawyer Answer

Richard Sternberg

Answered
  • Potomac, MD
  • Licensed in Virginia

A: You need to get it sold before the foreclosure sale, and a lawyer can often get the bank to wait for a sale. If the mortgage is greater than the sale price, it is called a short sale, and that is also possible. You need to move on it responsibly now, but you do not need bank consent unless they foreclose first.

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