Selling because of behind on payments
Being behind is a cash-flow problem before it is a legal one. The gap between missing payments and a filed foreclosure is the most open stretch of time you have, and it is the easiest point to sell from: no court record, no auction date, no buyer approval process. If catching up is realistic, do that. If it is not, a sale that pays the loan off is a clean way out while you still own the decision.
Servicers usually have to contact you and lay out loss-mitigation options once you fall behind, and many loans carry a window before a foreclosure can be filed. That window is leverage: it is when a sale is simplest and when your credit takes the smallest hit. Waiting until a notice arrives narrows your choices rather than improving them.
Only you can answer that. If you can bring the loan current and keep the property, that usually costs less than selling. If catching up is not realistic, selling before the process escalates protects more of your equity than waiting.
The arrears do not block a sale. As long as there is enough sale price to cover the payoff and closing costs, the loan is paid off at the table and the rest is yours.
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