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The prospect of losing your house can be a devastating blow to the sense of security that homeownership can provide. But those notices from your bank or mortgage company can’t be ignored. If you are facing foreclosure on your condo or house, you do not have to give up. Be encouraged because there are a few ways to avoid foreclosure.
Even if a home loan foreclosure is so close that you can feel it breathing down the back of your neck, you still have alternatives to foreclosure. But to avoid foreclosure, act quickly. Options for you to consider include bankruptcy, deed in lieu and home sale (short sale if you are upside down on the mortgage).
Any of these options can be efficiently used to stop foreclosure proceedings.
If you have been waiting for too long to get your property out of pre foreclosure, and the bank has already set a date for the sale, act quickly. You can immediately stop the foreclosure sale date by filing a Chapter 13 bankruptcy. Such a filing will give you a short period to work out a repayment schedule with your lender.
Another way to stop a home mortgage foreclosure process once it has started is with a deed in lieu. Such a deed conveys a property to the mortgagee. In exchange, the lender agrees that the deed fully satisfies the amount of the mortgage. Lenders don’t always agree to a deed in lieu, especially if there’s any potential liability from a second mortgage.
You can also try to sell the house before foreclosure at a discount. Find a buyer who is willing to purchase the home at less than market value. And take their offer to the lender. Sell the house, pay the outstanding debt and walk away with the rest of the proceeds.
If you owe on the mortgage more than the property is worth in the current market and the lender agrees to accept your buyer’s offer as payment in full for the mortgage, the sale is called a short sale. In this case you don’t net any profit (because everything goes to the lender to cover the debt). But you avoid foreclosure consequences.
Sell My House Fast Houston TX has been operating in the Houston, Texas housing market for years. If you need to sell your home and get money to rebuild your life, we can help.
And in case your outstanding mortgage amount is higher than the home price, we also negotiate and buy short sales regularly. Our long list of client references demonstrates that we are the fastest and most reliable cash house buyer in the area.
We are quick sale home buyers. The typical real estate sale, and especially a short sale can take many months to complete. But our experience allows us to handle it in a couple of months on average.
Once you get the okay for a sale from your lender, you won’t be waiting for us to get loan approval. We have the cash on hand to pay you quickly—as soon the deal goes to closing.
Since selling to us means a normal or a short sale without a realtor’s commission, you won’t have that expense. And there are no hidden fees or other costs to surprise you at closing.
A home purchase by us leaves you with no obligations for the condition of the house. Whether there’s mold in the crawl space or a hole in the roof, we buy your home AS IS.
As you can imagine, there’s a lot of paperwork involved in selling a house to avoid foreclosure, and especially a short sale. But we take care of all of it. You don’t have to do anything but sign and date a few papers.
If your mortgage is in default, contact us today. The longer you wait, the more difficult things become for you. Your situation may seem impossible to you, but it’s not to us. We take care of all the negotiations and the paperwork. And we buy your house for cash.
Your credit score will take a hit, and you will no longer own the house. But you can avoid the consequences of foreclosure and get rid of the debt. And some lenders offer short sale assistance for relocation expenses, since a short sale helps them avoid the costs of a foreclosure auction and an eviction.
A foreclosure has a more negative impact on your credit score by knocking 200-400 points off of it. Whereas, a short sale can ding your score for as little as 50 points.
You can purchase another home immediately (under certain circumstances) following a short sale, while you can’t following a foreclosure. And on future loan applications, you probably won’t have to report a short sale as you would a foreclosure.
A short sale is preferable to a bank foreclosure. And we’re here to help you.
If you’ve already received a notice of intent to foreclose attached to your front door, you need to take action as soon as possible. It won’t be long before you will be served with foreclosure papers. But as long as you take action before the auction date, you can avoid the foreclosure.
After being served with foreclosure papers, you must be given at least 20 days to cure the default. If the default isn’t paid during that period, the lender mails a Notice of Sale to the borrower (at least 21 days before the sale). A Notice of Sale must be filed with the county clerk and posted on the courthouse door.
According to Texas statutes, you will be served with an eviction notice for a court hearing. At this hearing, the judge will issue a ruling for you to move out or appeal the ruling within five days. If you refuse, another notice will be posted giving you 24 hours to vacate—after which you and your possessions can be physically removed.